Genpact Ltd. (G) PT Raised to $50 at Needham & Company
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Needham & Company analyst Mayank Tandon raised the price target on Genpact Ltd. (NYSE: G) to $50.00 (from $45.00) while maintaining a Buy rating.
The analyst comments "Genpact reported solid 4Q20 results, which were above expectations on revenue and EPS, while also providing a solid outlook for FY21 despite restructuring at a large financial services client. With bookings trends improving, we remain confident that Genpact will be able to return to 10% Y/Y+ revenue growth by the end of FY21, with potential for further acceleration in FY22 if the recent bookings momentum holds. We also believe Genpact will be able to deliver steady low double-digit EPS growth over the MT by combining solid organic growth with accretive M&A and share repurchases. With the shares trading at ~17.5x our FY22 EPS estimate, we believe the valuation is attractive relative to the company's BPO and IT services peers. We are reiterating our BUY rating and raising our target to $50."
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