UPDATE - UBS Upgraded Sapient (SAPE) to Neutral; Balanced Risk/Reward

UPDATE - UBS upgraded Sapient (NASDAQ: SAPE) from Sell to Neutral. PT increased from $8.50 to $14.50.

UBS analyst said, "Primary reasons for our upgrade are: 1) We believe that F11 non-GAAP operating margins of 12%-14% are achievable given pricing power (driven by strong demand for their differentiated offerings) and better pricing/utilization. 2) Solid revenue momentum (1Q revenues were up 32%
y/y and 8%q/q), and a robust pipeline (in terms of number/quality of deals). 3) Strong growth d.iven by demand for its interactive marketing solutions"."
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'increased our ’11/’12 revenue ests from $992M/$1,149M to $1,035M/$1,231M and our ’11/’12 EPS ests from $0.44/$0.53 to $0.49/$0.68."

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