Needham & Company Starts iGATE (IGTE) at Buy; Patience Will Pay

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July 14, 2011 8:15 AM EDT
Get Alerts IGTE Hot Sheet
Price: $48.00 --0%

Rating Summary:
    4 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 23 | New: 22
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Needham & Company initiates coverage on iGATE (NASDAQ: IGTE) with a Buy. PT $23.

Needham analyst says, "iGate acquired Patni earlier this year to become a scale player. While the acquisition comes with integration risks, we believe the integration is proceeding smoothly and we should start to see revenue and cost synergies come through starting in 2H FY11. With the stock trading at just 11x our FY12 EPS forecast, reflecting largely investor concerns about integration, we see a compelling buying opportunity for patient investors."

For more ratings news on iGATE click here and for the rating history of iGATE click here.

Shares of iGATE closed at $16.71 yesterday.

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