UPDATE: Cantor Fitzgerald Upgrades Luxoft Holding (LXFT) to Overweight Citing Improving Risk/Reward Profile
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(Updated - January 17, 2018 6:38 AM EST)
(updated to add analyst comment)
Cantor Fitzgerald upgraded Luxoft Holding (NYSE: LXFT) from Neutral to Overweight with a price target of $65.00 (from $52.00).
Analyst Joseph Foresi comments "We believe the risk/reward profile for the name is improving. Client concentration has come down to more manageable levels due to non-execution-related spending cuts at two large clients. Luxoft has absorbed these cuts as utilization has rebounded, which should drive margin improvement. We expect client concentration to continue to decline over the long term."
Shares of Luxoft Holding closed at $55.35 yesterday.
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