UPDATE: Jefferies Downgrades Syntel from Buy to Hold and Lowers PT from $66 to $52

Jefferies has published a research report on Syntel SYNT downgrading the company and lowering the price target. In the report, Jefferies wrote, "SYNT has an impressive track record of execution predicated on conservative guidance, and 2Q showed nice recovery in q/q rev growth. Trading at 15.5x C12 EPS, shares look somewhat cheap vs. historical levels and some comps. But in the current environment, we think sub-Tier 1 offshore vendors could see tepid investor interest, especially those with high financial services exposure. Assume coverage with a Hold rating (was Buy previously)." Jefferies downgraded Syntel from Hold to Buy with a price target lowered from $66.00 to $52.00. Syntel closed Friday at $49.60.