UPDATE: Jefferies Cuts PT to $9 on Pactera Technology on Soft Fiscal 2013 Guidance

Jefferies maintained Pactera Technology

with a Buy rating and lowered the price target from $10.00 to $9.00. Jefferies commented, "F4Q revs/EPS were modestly above JEFe/Street, but F13 guidance was soft as PACT expects to lose 40%+ of its Huawei business in F13, as Huawei transitions this business to its JV's. While bad for PACT's revs and margins in the near term, Huawei run-off should help PACT's margins, DSO and FCF in the long-term. In addition, we expect PACT to start realizing merger related revs synergies by mid 2013. Maintain Buy." Pactera Technology closed at $6.94 on Wednesday.