CI&T Inc. (CINT), the Campinas, Brazil-based technology consulting firm, is gearing up to announce its second-quarter earnings before the market opens on August 16, 2024. Analysts are expecting a less robust quarter compared to the same period last year.
According to data from Benzinga Pro, analysts forecast earnings per share of 6 cents for the quarter, down from 9 cents per share in the second quarter of 2023. Revenue is projected to come in at $99.03 million, marking a decline from the $113.59 million recorded in the same period last year.
It’s worth noting that CI&T exceeded earnings expectations in the first quarter, reporting better-than-expected financial results on May 22. This positive performance contributed to a 1.1% increase in CI&T shares, closing at $6.75 on Thursday.
While analysts anticipate a decline in earnings and revenue, recent analyst ratings suggest potential upside for the stock. Citigroup analyst Ashwin Shirvaikar maintained a Neutral rating on CI&T, but raised the price target from $4.25 to $6 on July 12. This analyst has a 72% accuracy rate.
Wedbush analyst Moshe Katri initiated coverage on CI&T with an Outperform rating and a price target of $5 on May 24. Katri boasts a 67% accuracy rate. On May 23, Canaccord Genuity analyst Joseph Vafi upgraded the stock from Hold to Buy and raised the price target from $5 to $6. Vafi also has a 67% accuracy rate.
With analysts offering a range of perspectives on CI&T’s prospects, investors will be closely watching the company’s upcoming earnings release to gauge its performance and potential for future growth.
