iGATE Corp. Upgraded by Janney Montgomery Scott to Buy (IGTE)
iGATE Corp. (NASDAQ:IGTE) was upgraded by Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $30.00 price target on the stock. Janney Montgomery Scott’s target price points to a potential upside of 15.87% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other firms have also recently commented on IGTE. Analysts at Sidoti upgraded shares of iGATE Corp. (NASDAQ:IGTE) from a “neutral” rating to a “buy” rating in a research note to investors on Wednesday, August 28th. Separately, analysts at Zacks downgraded shares of iGATE Corp. (NASDAQ:IGTE) from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, August 16th. They now have a $26.30 price target on the stock. Finally, analysts at Needham & Company reiterated a “buy” rating on shares of iGATE Corp. (NASDAQ:IGTE) in a research note to investors on Monday, July 22nd. They now have a $28.00 price target on the stock, up previously from $23.00.
Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.38.
Shares of iGATE Corp. (NASDAQ:IGTE) traded up 0.31% on Wednesday, hitting $25.97. 98,825 shares of the company’s stock traded hands. iGATE Corp. has a 52-week low of $13.98 and a 52-week high of $25.91. The stock has a 50-day moving average of $23.05 and a 200-day moving average of $18.59. The company has a market cap of $1.504 billion and a P/E ratio of 23.51.
iGATE Corp. (NASDAQ:IGTE) last released its earnings data on Wednesday, July 17th. The company reported $0.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.34 by $0.10. The company had revenue of $283.30 million for the quarter, compared to the consensus estimate of $279.28 million. During the same quarter last year, the company posted $0.28 earnings per share. iGATE Corp.’s revenue was up 5.7% compared to the same quarter last year. Analysts expect that iGATE Corp. will post $1.79 EPS for the current fiscal year.
iGATE Corporation (NASDAQ:IGTE) is an outsourcing provider of integrated end-to-end offshore centric information technology (IT) and IT-enabled operations solutions and services.
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