Wedbush Starts Luxoft Holding (LXFT) at Neutral
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Wedbush initiates coverage on Luxoft Holding (NYSE: LXFT) with a Neutral rating and a price target of $62.00.
Analyst Moshe Katri commented, "We are initiating coverage on Luxoft with a NEUTRAL rating and $62 PT. The company's unique delivery model, high-end expertise in building mission critical systems, exclusive focus on providing SMAC-related services, will likely help sustain the company at a hyper-growth phase (20-25% top line growth during the next few years while maintaining adjusted EBIT margins). On the other hand, near-term headwinds associated to potential revenue concentration challenges keep us on the sidelines. Our rating reflects the company's significant revenue exposure to the FS vertical, abnormally high revenue concentration, high level of fixed price work, and below-average revenue visibility. We believe the stock is fairly valued at current levels, trading at 18.4X WS/consensus FY17E adj. EPS."
Shares of Luxoft Holding closed at $54.85 yesterday.
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