Stifel analyst David Grossman reiterated a Buy rating and $46.00 price target on Exlservice (NASDAQ: EXLS).

The analyst commented, "2Q/2H consensus assumes ~12%/10-11% organic cc growth, respectively (assuming not yet updated for FX and iMerit). We expect modest 2Q beat/2026 raise consistent with historical profile.2HE deceleration less concerning given typical quarterly outperformance (no quarterly-guide).EXL well-positioned to continue gaining wallet share managing core workflows for highly regulated industries that can benefit from AI-use cases. EXL owns workflow and related IP/AI embedded in these processes, which should help drive revenue growth and margin as AI-use cases proliferate.Recent acquisition (iMerit) expands services/competitive moat, which should enhance durability of growth via wallet share gains/higher retention.Despite maintaining DD revenue growth, 2-3x its peers, while maintaining margins, EXL’s multiple has compressed with the industry.While we don't expect growth acceleration in the current environment and stock trading at ~15.0x FCF (w/SBC), we are hopeful durability/consistency of the model gets more recognition overtime."

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Shares of Exlservice closed at $27.58 yesterday.