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Benzinga
Benzinga
Business
Anusuya Lahiri

Why Are DXC Tech Shares Surging Today?

DXC DXC Technology Citi Cowen NYSE
  • Analysts remained optimistic on DXC Technology Co (NYSE:DXC) post Q3 earnings.
  • The Q3 revenue of $4.09 billion, down 4.6% year-on-year, missed the consensus of $4.1 billion. Adjusted EPS of $0.92 beat the consensus of $0.91.
  • Citi analyst Ashwin Shirvaikar calls DXC Technology a top value idea in IT services and keeps a Buy rating on the shares with a $45 price target. The price target implies an upside of 46.6%.
  • While DXC's Q3 headline numbers were a tad above expectations, the big positive news is the "foundational clean-up at the company," Shirvaikar tells investors in a research note.
  • Cowen cut the price target to $45 from $50.
  • Price Action: DXC shares traded higher by 11.6% at $34.26 on the last check Thursday.
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