J.P. Morgan Maintains Overweight on VanceInfo Technologies (VIT)

J.P. Morgan is out with its report today on VanceInfo Technologies (NYSE: VIT), maintaining Overweight.

In a note to clients, J.P. Morgan writes, "Remain Overweight on VIT with Dec-11 price target of US$42 (unchanged), which implies 45.2x our FY11 and 36.0x FY12 diluted adjusted EPS estimates. We believe VIT's high growth warrants a premium multiple. Our PT implies FY11E PEG ratio of 1.5x assuming 30% earnings CAGR. With solid market potential and strong execution capabilities, we believe VIT can support a more solid growth trajectory in the long term."

Shares of VIT closed Monday at $33.20, up 2.56% from Friday's close.