UPDATE: Jefferies Reiterates Hold Rating, Raises PT on iGATE Corporation Following F2Q Revenues

In a report published Friday, Jefferies analyst Jason Kupferberg reiterated a Hold rating on

, and raised the price target from $18.00 to $19.00. In the report, Jefferies noted, “F2Q revs modestly beat ests (Street was expecting only 1.6% q/q), helped by broad based growth across verticals, and EPS surprised on the upside primarily due to FX/treasury income. In addition, IGTE is experiencing stable demand and pricing environment, won several large deals in 2Q, and is on track to hire new CEO by Fall '13. While margins/EPS execution remains good, we await further proof of improving revs growth.” iGATE Corporation closed on Thursday at $20.06.