UPDATE: Jefferies Raise Target to $54 on Syntel

Jefferies reiterates its Hold rating on Syntel

and raises its price target by $2 to $54 as FX helped drive a big EPS beat for Q4. Jefferies says, "4Q revs/EPS solidly beat JEFe/Street/Guidance, but the op. margins received significant tailwind from FX, and stronger than normal seasonality. The F12 guidance, we believe, is conservative and has a potential for upside, as SYNT's F12 visibility increases over next few qtrs. We are slightly raising our EPS ests and PT, but maintain Hold rating as we don't see much upside from here, especially after today's run-up." SYNT closed at $55.25 a share on Thursday.