Jefferies Assumes Coverage on Exlservice (EXLS) at Hold

Jefferies initiates coverage on Exlservice (NASDAQ: EXLS) with a Hold and $24 price target.

The firm states, "In our view, EXLS possesses differentiated domain expertise, making the company a leader in the offshore BPO market. But with shares trading at 17x C12 P/E, valuation doesn't look compelling in the context of comps, and we also have some concern that elevated uncertainty in the macro environment could impact BPO sales cycles, revenue conversion, and pricing. Assume coverage with Hold rating (was Buy previously)."

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

Shares of Exlservice closed at $24.43 yesterday.

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