UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Pactera Technology International Ltd.
In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Pactera Technology International Ltd. (NASDAQ: PACT), but lowered its price target from $21.00 to $12.00.
Jefferies noted, “On 11/15, PACT (formerly HSFT; merged with VIT on 11/9) provided HSFT/VIT 3Q12 results and PACT 4Q12 guidance, which included former HSFT's full 4Q but only 52 days of VIT's 4Q. Based on HSFT/VIT 3Q results, 4Q guidance and mgmt's commentary, we are updating our F12/F13 revs/EPS ests for PACT. We maintain our Buy rating on PACT, with a Price Target of $12 (vs. $21 for HSFT prior).”
Pactera Technology International Ltd. closed on Tuesday at $7.62.
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Tags: Jefferies & Company