Oppenheimer Establishes $60 PT On Syntel, Inc.

Oppenheimer has published a research report on Syntel, Inc. SYNT and has established a new $60 price target. In the report, Oppenheimer writes "We expect solid 4Q results from SYNT, as business trends appear to be gaining momentum. Importantly, we expect these firming demand trends to drive continued improvement in growth through 2011, as emerging modes of IT provisioning continue to gain share at the expense of legacy models. We believe that SYNT is well positioned to benefit from both overall IT spending growth and share gain for IT outsourcing services. Valuation still appears reasonable, even following recent share gains, though we believe the current multiple (16x '11E EPS ex-cash) already incorporates much of the expected upside for 2011. We are incrementally more constructive on SYNT and are establishing a $60 price target." Syntel, Inc. closed Friday at $54.15.