UPDATE: Deutsche Bank Initiates Coverage on iGATE Corporation with Buy Rating, $46 PT on Compelling Investment Opportunity

In a report published Friday, Deutsche Bank analyst Aniruddha Bhosale initiated coverage on iGATE Corporation

with a Buy rating and $46.00 price target. In the report, Deutsche Bank noted, “iGATE offers an opportunity to invest in a world-class, mid-tier IT services company in the process of achieving scale. Under the stewardship of the new CEO (Mr. Ashok Vemuri, who joined in Sept 2013), the company has made an impressive turnaround in its revenue growth, which is now in line with peers'. Given a healthy order book and robust investment in sales and delivery personnel, we believe iGATE has the right ingredients to deliver an acceleration in revenue growth. We initiate with a Buy and target price of US$46.” iGATE Corporation closed on Thursday at $40.95.