Wedbush Starts Virtusa (VRTU) at Neutral
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Wedbush initiates coverage on Virtusa (NASDAQ: VRTU) with a Neutral rating and a price target of $29.00.
Analyst Moshe Katri commented, "We are initiating coverage on Virtusa with a NEUTRAL and $29 price target. While we positively view the company's consistently impressive/strong results, its unique model, extensive SMAC-related expertise, mission-critical work and high relevance to clients, integration risk associated with the acquisition of India-based Polaris combined with expected near-term dilution, keeps us on the sidelines for now. Assuming Polaris gets integrated effectively, we believe Virtusa is well positioned to generate low-teens top line growth and close to mid-teens adj. EPS growth. Virtusa's stock currently trades at 15.6X WS/consensus FY17E adj. EPS."
Shares of Virtusa closed at $25.91 yesterday.
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