Jefferies Cuts Price Target & Estimates on HiSoft Tech (HSFT), iSoftStone (ISS), VanceInfo (VIT)
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Price: $9.27 --0%
Rating Summary:
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
9 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Jefferies is cutting its price targets on estimates on Chinese IT services names
HiSoft Technology Internatnl (Nasdaq: HSFT), iSoftStone Holdings (NYSE: ISS), and VanceInfo Technologies (NYSE: VIT).
An analyst at the Jefferies notes the new estimates reflect "ongoing macro volatility, uncertainty regarding 2012 enterprise IT budgets, and the relatively lower position in the IT services value chain for these companies, compared with firms such as Accenture (NYSE: ACN) and Cognizant Technology Solutions (Nasdaq: CTSH)."
For shares of HSFT, the firm is reaffirming its Buy rating but is reducing its price target from $18 to $17. For Q4, Jefferies now forecasts EPS of $0.24 on $59 million in sales, down from its previous estimate of $0.25 on $62 million in sales. Jefferies is also lowering its FY11 and FY12 EPS estimates from $0.82 and $1.07 to $0.81 and $1.00. The new price target still allows for 42 percent upside.
For shares of ISS, the firm is reaffirming its Buy rating but is reducing its price target from $16 to $14. For Q4, Jefferies now forecasts EPS of $0.18 on $83 million in sales, down from its previous estimate of $0.19 on $85 million in sales. Jefferies is also lowering its FY12 EPS estimates from $0.77 to $0.74 and is maintaining its FY11 estimate of $0.56. The new price target still allows for 40 percent upside.
For shares of VIT, the firm is reaffirming its Buy rating but is reducing its price target from $23 to $19. For Q4, Jefferies now forecasts EPS of $0.24 on $76 million in sales, down from its previous estimate of $0.27 on $77 million in sales. Jefferies is also lowering its FY11 and FY12 EPS estimates from $0.88 and $1.10 to $0.85 and $1.00. The new price target calls for 91 percent upside.
HiSoft Technology Internatnl (Nasdaq: HSFT), iSoftStone Holdings (NYSE: ISS), and VanceInfo Technologies (NYSE: VIT).
An analyst at the Jefferies notes the new estimates reflect "ongoing macro volatility, uncertainty regarding 2012 enterprise IT budgets, and the relatively lower position in the IT services value chain for these companies, compared with firms such as Accenture (NYSE: ACN) and Cognizant Technology Solutions (Nasdaq: CTSH)."
For shares of HSFT, the firm is reaffirming its Buy rating but is reducing its price target from $18 to $17. For Q4, Jefferies now forecasts EPS of $0.24 on $59 million in sales, down from its previous estimate of $0.25 on $62 million in sales. Jefferies is also lowering its FY11 and FY12 EPS estimates from $0.82 and $1.07 to $0.81 and $1.00. The new price target still allows for 42 percent upside.
For shares of ISS, the firm is reaffirming its Buy rating but is reducing its price target from $16 to $14. For Q4, Jefferies now forecasts EPS of $0.18 on $83 million in sales, down from its previous estimate of $0.19 on $85 million in sales. Jefferies is also lowering its FY12 EPS estimates from $0.77 to $0.74 and is maintaining its FY11 estimate of $0.56. The new price target still allows for 40 percent upside.
For shares of VIT, the firm is reaffirming its Buy rating but is reducing its price target from $23 to $19. For Q4, Jefferies now forecasts EPS of $0.24 on $76 million in sales, down from its previous estimate of $0.27 on $77 million in sales. Jefferies is also lowering its FY11 and FY12 EPS estimates from $0.88 and $1.10 to $0.85 and $1.00. The new price target calls for 91 percent upside.
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