iGATE (IGTE) PT Raised on Strong Q3 Results

October 11, 2013 9:08 AM EDT Send to a Friend
Get Alerts IGTE Hot Sheet
Price: $33.02 -2.74%

Rating Summary:
    9 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 28 | New: 24
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Needham & Company reiterated a Buy rating on iGATE (NASDAQ: IGTE) and raised its price target from $33 to $39 following solid Q3 results yesterday.

"Europe performed well ahead of plan, driving much of the upside. We thought management's commentary on demand was incrementally more upbeat, increasing our confidence IGTE can return to industry type growth levels of low to mid-teens by mid-2014," analyst Mayank Tandon commented.

The firm is adjusting FY13 estimates higher for the 3Q upside, while our FY14 outlook is also adjusted higher. FY14 EPS estimate of $2.25, raised from $2.22, is well ahead of the Street and factors in the impact from IGTE servicing its high yield debt starting in May 2014.

For an analyst ratings summary and ratings history on iGATE click here. For more ratings news on iGATE click here.

Shares of iGATE closed at $30.59 yesterday.


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