DXC Technology cuts Q1 earnings outlook
ASHBURN, UNITED STATES — Global IT services leader DXC Technology has revised its Q1 2024 earnings guidance, but industry insiders remain positive about the company’s future.
The company anticipates its earnings per share (EPS) to be between $0.80 and $0.85, down from a previously projected $0.92. The company’s revenue guidance is also adjusted to $3.54-$3.58 billion from the earlier estimate of $3.61 billion.
Consequently, DXC recalibrated its FY 2024 EPS guidance to a range between $3.80 and $4.05.
DXC shares began trading at $24.21 on Friday — lower than its 52-week high of $36.00, yet slightly more than its 52-week low of $22.11.
While some analysts recommend holding or selling DXC stock, the optimistic ones cite its solid reputation in digital transformation across various industries.
Deutsche Bank retained its buy rating with a lowered price target of $35 from $48. Others that increased their DXC stakes include Belpointe Asset Management, Lazard Asset Management, First Horizon Advisors, and HighTower Advisors. Altogether, hedge funds and institutional investors now own about 89.19% of DXC’s stock.
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