Rodman & Renshaw Comments on NetSol Technologies

Rodman & Renshaw provided color on NetSol Technologies

in a research report published today. Rodman & Renshaw has previously given Netsol a $2.40 price target and Market Outperform rating. In the report, Rodman & Renshaw states, "While we note that the company's receivables are trending upwards, we have not seen any write-offs during the last five years. Moreover, during the first nine months of fiscal 2011, the company has collected ~$22 million of receivables, of which $7.5 million came in 3Q11. So, we believe the company is facing an unexpected delay in 4Q11." Shares of NetSol closed today at $1.07, down 29.37% from Wednesday's market close.