Jefferies Maintains a 'Hold' on iGATE (IGTE); Great Margin Execution

Jefferies maintains a 'Hold' on iGATE (NASDAQ: IGTE) price target raised from $13 to $18.

Jefferies analyst said, "4Q revs/EPS of $267.7M/$0.27 were in line with Street ($268.3M/$0.26), but higher taxes hurt EPS by $0.09. Margin expansion, helped by FX, was impressive, with gross margins/adj. EBITDA margins of 40.3%/25.4%, achieving mgmt's targets a year ahead of schedule. We are raising estimates and price target but are hesistant to chase the stock here." (FY11 EPS cut from $0.94 to $0.89, but FY12 raised from $1.36 to $1.38)

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 $17.74 yesterday.

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