UPDATE: J.P. Morgan Lowers PT to $54 on Syntel

A report from J.P. Morgan reiterates its Overweight rating and lowers its price target from $60 to $54 on Syntel SYNT. The report states, “we believe CY11 EPS guidance could prove conservative, and continue to recommend SYNT as a defensive name with a relatively low earnings risk in CY12, absent a significantly worse than expected outcome from STT negotiations”. SYNT closed yesterday at $47.32.