德意志银行下调多家IT服务公司目标价并提示需求走弱风险

Wall Street makes small moves ahead of closely-watched tech earnings for AI cues
Investing.com -- Deutsche Bank analyst Nate Svensson lowered price targets across the IT Services sector ahead of earnings season, citing deteriorating demand through the second quarter of 2026 as geopolitical uncertainty, rising rate expectations, and a weakening macro environment weighed on enterprise IT spending. The analyst noted that even with a resolution to the Middle East conflict, enterprises will likely remain cautious on IT Services spending, particularly for smaller discretionary projects. Svensson also highlighted concerns about artificial intelligence threatening traditional IT Services business models through increased productivity demands and potential disintermediation risk. Accenture’s recent commentary indicated that large deals are being postponed and sales are suffering due to regional conflicts, casting a shadow across the entire sector.
1. Genpact (G) - Deutsche Bank views Genpact as the best positioned company across its IT Services coverage. The analyst expects demand for business process outsourcing has held up better than feared, and the company’s shift towards automation and technology services should protect growth in the near term. The firm anticipates a modest beat in second quarter 2026 results and a likely reiteration of full-year 2026 guidance. Genpact has successfully protected gross margins by walking away from uneconomical deals and managing bench utilization. The price target was lowered to $31 from $35.
Genpact reported first-quarter 2026 earnings and revenue that surpassed analyst estimates. The company also announced a partnership with Nestlé to establish a capability center in India and declared a quarterly cash dividend of $0.1875 per share.
2. Accenture (ACN) - Deutsche Bank models fourth quarter fiscal 2026 growth below the midpoint of Accenture’s guided range due to elevated uncertainty around the Middle East conflict. The analyst expects an initial fiscal 2027 guide to contemplate organic constant currency revenue growth of approximately 0% to 3%. The firm anticipates Accenture will continue leaning into mergers and acquisitions to drive reported revenue growth, expecting more than 200 basis points of inorganic contribution in fiscal 2027. The price target was reduced to $136 from $140.
In recent developments, Accenture secured a contract with the NATO Communications and Information Agency valued at approximately €200 million over seven years. The company also launched a suite of AI solutions with Google Cloud targeting mid-market companies.
3. Cognizant Technology Solutions (CTSH) - Deutsche Bank maintains a Buy rating but lowered its second quarter fiscal 2026 revenue estimate by approximately $18 million to account for the delay in closing the Astreya acquisition, which closed on June 23 versus an expected close at the beginning of June. While the analyst does not necessarily anticipate a cut to fiscal 2026 guidance, hitting the midpoint will require some improvement in the demand environment due to implied acceleration in organic growth in the back half. The large deal pipeline remains robust and should support future revenue growth, particularly in banking and financial services. The price target was lowered to $55 from $70.
Cognizant announced an expansion of its partnership with Google Cloud to deploy Gemini Enterprise technologies and has also joined the OpenAI Daybreak Cyber Partner Program. Additionally, the company plans to hire 1,500 U.S. college graduates in 2026.
4. EPAM Systems (EPAM) - Deutsche Bank sees the most risk for digital engineering companies including EPAM, with the greatest probability for guidance cuts or numbers trending toward the low end of previously issued outlooks. While the analyst expects solid second quarter fiscal 2026 results, questions remain about EPAM’s ability to deliver on back-half guidance given the demand slowdown. The firm models below-consensus organic constant currency growth in the third and fourth quarters of fiscal 2026 and cut fiscal 2027 and 2028 growth outlooks. The price target was reduced to $85 from $110.
EPAM Systems reported first-quarter 2026 earnings and revenue that beat analyst expectations. Following the report, Goldman Sachs downgraded the company to Neutral from Buy, while Wedbush initiated coverage with a Neutral rating, both citing growth concerns.
5. Globant (GLOB) - Deutsche Bank views Globant as facing significant risk among digital engineering companies. While second quarter fiscal 2026 results are expected to be adequate, the analyst sees risk of a guidance cut or indication that the year will come in at the low end of prior fiscal 2026 guidance. Globant will likely see the most impact from the Middle East conflict across coverage given current project exposure to tourism-heavy areas in the region and a high single-digit percentage of pipeline coming from the region. The price target was lowered to $33 from $50.
Globant reported first-quarter 2026 results at the high end of its guidance and announced new strategic alliances with Anthropic and Vercel to expand its AI service offerings. Separately, William Blair downgraded the company to Market Perform, citing reduced visibility for growth.
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