UPDATE: Daiwa Capital Markets Reiterates Buy Rating, Lowers PT for VanceInfo Technologies

In a flash report published earlier today, Daiwa Capital Markets reiterated its Buy rating for VanceInfo Technologies Inc.

, but lowered its price target from $20.00 to $15.70. Daiwa Capital said in its report “VanceInfo recorded strong revenue growth of 50% YoY for 1Q12 and sees demand remaining resilient. During 1Q12, VanceInfo locked in several major clients, including PICC, ICBC and China Development Bank in the banking, financial services and insurance (BFSI) segment, and won a major crew management contract from China Eastern Airlines. We believe this demonstrates VanceInfo's capability to commit to revenue growth in the future. In light of this, we are raising our revenue forecasts for 2012 and 2013 by 4% and 10%, respectively.” VanceInfo Technologies Inc. closed yesterday at $10.49.