UPDATE: Piper Jaffray Cuts PT to $9 on Sapient Corporation on Weak Guidance
Piper Jaffray reiterated its Neutral rating on Sapient Corporation (NASDAQ: SAPE) but reduced its price target from $10 to $9.
Piper Jaffray noted, "Investors should expect the lower-end of Sapient's FY12 revenue guide-down and subsequently down y/y operating margin leverage. SapientNitro pipeline is clearly not converting in Q3 and on top of already tough y/y compares, we see little change in the economic environment to reverse course in Q4. And while Global Markets appears to be on a bit firmer ground with easier compares entering 2H12, the segment is not immune to continued economic malaise and likely delivers muted 2H12 growth at best."
Sapient Corporation closed at $10.12 on Tuesday.
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