Jefferies Starts Patni Computer (PTI) at Underperform

Jefferies initiates coverage on Patni Computer (NYSE: PTI) with a Underperform.

The firm notes:

• Macro environment assumed to remain uncertain for some time to come
  
• Revenue growth estimate of ~9% CAGR (USD terms) over FY11-13
  
• Factoring in a margin decline of ~300bps as the margins reported recently have been below par
  
• Some premium ascribed to account for the possibility of delisting by iGate

For an analyst ratings summary and ratings history on Patni Computer click here. For more ratings news on Patni Computer click here.

Shares of Patni Computer closed at $17.08 yesterday.

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