UPDATE: Noble Financial Upgrades Virtusa

In a note issued Wednesday, Noble Financial upgraded shares of Virtusa VRTU from Hold to Buy with a $39 price target.

The team at Noble Financial stated, "We expect Virtusa to achieve rapid revenue/EPS growth over the nest several years as it gains market share in the under-penetrated offshore information technology outsourcing market... The company has a strong pipeline of sales opportunities, especially from large transformation deals, and continues to reduce a revenue concentration, which bodes well for further growth prospects."