Maxim Group Initiates Coverage on iGATE (IGTE)
Stock analysts at Maxim Group began coverage on shares of iGATE (NASDAQ:IGTE) in a report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $52.00 price target on the stock. Maxim Group’s price objective would suggest a potential upside of 50.55% from the stock’s previous close.
A number of other firms have also recently commented on IGTE. Analysts at RBC Capital reiterated an “outperform” rating on shares of iGATE in a research note on Thursday. They now have a $45.00 price target on the stock, down previously from $48.00. Separately, analysts at Nomura downgraded shares of iGATE from a “neutral” rating to a “reduce” rating in a research note on Thursday, July 17th. They now have a $35.00 price target on the stock, up previously from $29.00. Finally, analysts at Needham & Company LLC raised their price target on shares of iGATE from $48.00 to $50.00 in a research note on Thursday, July 17th. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. iGATE has an average rating of “Buy” and a consensus price target of $45.17.
Shares of iGATE (NASDAQ:IGTE) opened at 34.63 on Friday. iGATE has a 1-year low of $21.50 and a 1-year high of $42.90. The stock has a 50-day moving average of $37.49 and a 200-day moving average of $34.91. The company has a market cap of $2.040 billion and a price-to-earnings ratio of 42.54.
iGATE (NASDAQ:IGTE) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $0.48 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.47 by $0.01. The company had revenue of $311.70 million for the quarter, compared to the consensus estimate of $306.41 million. During the same quarter last year, the company posted $0.44 earnings per share. iGATE’s revenue was up 10.0% compared to the same quarter last year. Analysts expect that iGATE will post $2.09 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.