UPDATE: Jefferies Raises PT on Syntel on Decent Beat, Balanced Risk/Reward

In a report published Friday, Jefferies analyst Jason Kupferberg reiterated a Hold rating on Syntel

, and raised the price target from $62.00 to $66.00. In the report, Kupferberg noted, “Revs were slightly below JEFe but beat Street, helped by strong growth across top-clients. Op margin was soft, due to increased hiring, but FX and tax led to an EPS beat vs. JEFe/Street. F13 guidance was raised, due to increased visibility and FX, but could still be conservative as SYNT is experiencing improving demand environment. While the print was strong, we believe risk/reward is balanced at current valuation. Maintain Hold.” Syntel closed on Thursday at $65.59.