Tuesday, May 26, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale viewed favorably. The sale of the Public Transit business is expected to significantly narrow Conduent’s global operating footprint and streamline operations, while also exiting a capital-intensive business that required ongoing investments in hardware, infrastructure, and implementation. We believe the transaction should improve operational focus and support management’s strategy to prioritize higher-margin, technology-enabled service offerings.
Estimate revisions affect revenue, not adj. EBITDA. Despite likely downward revisions to revenue guidance following the divestiture, we do not anticipate a meaningful change to EBITDA guidance and believe the transaction improves overall business quality by increasing focus on higher-margin, technology-enabled service offerings. We have adjusted our 2026 and 2027 revenue expectations in light of the prospective sale.
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