Oppenheimer Maintains Perform on Syntel

Oppenheimer reiterates its Perform rating on Syntel (NASDAQ: SYNT) on takeaways from a meeting with company management. Oppenheimer lists the following highlights from the meeting: “1) rupee to have an appreciable impact on margins in 4Q and 2012; 2) there's a lack of evidence of a significant budget flush in the December quarter; 3) expecting overall flattish 2012 IT budgets at the enterprise level. Secular shift to offshore trend remains intact; and 4) growth continues to be organic in nature with acquisitions likely in the $20-50M range.”SYNT closed at $46.20 per share on Tuesday.