Strong Positive First Take For HiSoft Technology International (HSFT)

Hisoft Technology International

delivered its first set of public quarterly results, coming in with strong earnings with top line beating the Street by 5%. On top of that, HSFT has provided very upbeat guidance, expecting FY10 revenues to grow 56%-64%, moderately higher that the Street’s expectations of 47%. HSFT reported 2Q10 total net revenues of $34.7M(+64% YOY), ~5% higher than Citi estimates. Also, the company notes that GAAP EPS came in at US$0.17, better than Citi/Street’s US$0.14/$0.12, respectively. Citi reiterates its “buy/high risk” rating on shares of HSFT and its price target of $16.00. HSFT is currently trading at $15.24.