UPDATE: Goldman Sachs Raises PT on ExlService Holdings on In-Line 4Q12 Results

In a report published Monday, Goldman Sachs reiterated its Neutral rating on ExlService Holdings EXLS, and raised its price target from $30.00 to $32.00. Goldman Sachs noted, “On 3/1, EXLS reported 4Q12 results roughly in line with our expectations, but provided better-than-expected 2013 guidance with revenue in the range of $495-$505 mn (12%-14% yoy) and adjusted EPS between $1.77-$1.85 (+12%-17% yoy) versus GSe of $496.3 mn and $1.77, respectively. Reflecting reported results and higher revenues, we have raised our FY13E-FY15E EPS to $1.49/$1.84/$2.13, respectively. On an adjusted basis, our EPS is now set at $1.81/$2.19/$2.51. Factoring in our higher EPS and a higher multiple given higher growth, we have raised our price target to $32 (from $30), reflecting a multiple of 17.7X (from 16.9X) our 2013E adjusted EPS of $1.81.” ExlService Holdings closed on Friday at $31.81.