UPDATE: Citigroup Downgrades Sapient Corporation to Neutral on Soft 2013 Outlook

Citigroup downgraded Sapient Corporation SAPE from Buy to Neutral and maintained a $13.00 price target. Citigroup noted, "Revenue was modestly ahead of expectations and guidance. However, margins missed guidance. This was attributed to lower than expected employee turnover. … Our Buy rating has been predicated on two key tenets: 1) SAPE should see strong top-line growth due to leading capabilities in the secularly strong digital marketing space and 2) top-line growth should drive margin expansion on leverage of investments. The softer 2013 guidance, particularly on the margin side, challenges this thesis near-term." Sapient Corporation closed at $12.19 on Tuesday.