UPDATE: Goldman Sachs Upgrades Sapient Corporation to Neutral on Stabilized Enterprise Spending
Goldman Sachs upgraded Sapient Corporation (NASDAQ: SAPE) from Sell to Neutral and announced a $11.00 price target.
Goldman Sachs noted, "While SAPE has more of a hybrid model that includes digital marketing (SapientNitro 69.2% of 2012E revenue) along with more traditional consulting (Global Markets and Government 30.8% of 2012E revenue). In our downgrade in June of this year, we highlighted SAPE's exposure to European spending (36.4% of 2012E revenue) and financial services (30.4% of 2012E revenue) as a key concerns heading into the back half of the year. Though the company's exposure remains high to both these segments, spending from these clients has snapped back sooner than expected and appears more resilient then we had forecasted."
Sapient Corporation closed at $11.14 on Tuesday.
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