Jefferies Assumes Coverage on iGATE (IGTE) at Hold

Jefferies assumes coverage on iGATE (NASDAQ: IGTE) with a Hold and $13 price target.

The firm states, "The recent transformational acquisition of Patni has long-term potential, but in the near-term we see integration and balance sheet risks associated with this deal as likely inhibitors of multiple expansion. Shares appear cheap, but we don't see prospects for many near-term positive catalysts, especially in the current "risk-off" environment. Assume coverage with Hold rating (was Buy previously)."


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

Shares of iGATE closed at $11.68 yesterday.

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