UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Sapient Corporation

In a report published Wednesday, Citigroup reiterated its Buy rating on Sapient Corporation

, but slightly lowered its price target from $14.00 to $13.00. Citigroup noted, “While results/guidance were again sloppy, we continue to believe SAPE's secular opportunities will eventually lead to meaningful upside and, looking out, we believe SAPE could have the greatest upside in our coverage universe. And, with the stock trading at less than 13x '13E EPS, we believe downside risk likely more moderate, suggesting a very attractive risk reward profile...Revenue of $279m (+9.6%) a bit ahead of consensus but beat our $272m estimate and the $272m-$277m guidance. Non-GAAP margin of 12.2% beat our 10.4% estimate. GAAP margins of 8.7% topped our 7.0% estimate and the 7.7% consensus. Pro forma/GAAP EPS results were in-line.” Sapient Corporation closed on Tuesday at $10.12.