UPDATE: Jefferies Cuts PT to $9 on Pactera Technology on Soft Fiscal 2013 Guidance
Jefferies maintained Pactera Technology (NASDAQ: PACT) with a Buy rating and lowered the price target from $10.00 to $9.00.
Jefferies commented, "F4Q revs/EPS were modestly above JEFe/Street, but F13 guidance was soft as PACT expects to lose 40%+ of its Huawei business in F13, as Huawei transitions this business to its JV's. While bad for PACT's revs and margins in the near term, Huawei run-off should help PACT's margins, DSO and FCF in the long-term. In addition, we expect PACT to start realizing merger related revs synergies by mid 2013. Maintain Buy."
Pactera Technology closed at $6.94 on Wednesday.
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