UPDATE: Jefferies Reiterates Hold Rating, Raises PT on ExlService Holdings on 4Q Revenues/Margins

In a report published Monday, Jefferies reiterated its Hold rating on ExlService Holdings

, and raised its price target from $27.00 to $32.00. Jefferies noted, “4Q revs/margins were in-line with expectations, which along with modest benefit from tax/FX led to slight EPS beat. F13 revs guidance might be slightly conservative since EXLS is experiencing improving demand conditions and solid long-term growth trends in core verticals. Strong print/commentary drove the stock up today, but at current valuation risk/reward seems balanced. Maintain Hold.” ExlService Holdings closed on Friday at $30.27.