UPDATE: CICC Downgrades VanceInfo Technology

According to a research report published today, CICC has downgraded VanceInfo Technology's

shares from Buy to Hold. In the report, CICC commented, “The company needs to continue investing in financial services so that that area can significantly contribute to profit from 2H12.Therefore, we lower non-GAAP EPS to US$0.86 for 2012e and US$1.01 for 2013e, from previous US$1.20 and US$1.50. We downgrade our rating to HOLD with a TP of US$13, based on 15x 2012e non-GAAP EPS. The stock is currently trading at a fair value of 15x 2012e non-GAAP EPS.” VanceInfo Technology closed yesterday at $11.92.