J.P Morgan thinks IT Services stocks should continue to outperform the market and data processors in 2011 as the demand environment remains favorable, and revenue growth/upside will once again be the focus.
J.P Morgan likes names that exhibit high/rising mix of offshore delivery, high exposure to financial services/health care verticals, a strong/flexible total FCF return profile, and alignment with emerging tech trends like cloud/virtualization and mobility from investments made during the downturn.
J.P Morgan is upgrading ExlService Holdings EXLS to Overweight from Neutral on the expectation that EXLS will once again emerge as the fastest offshore BPO grower in 2011
where sector challenges remain in the short-run.
J.P Morgan is downgrading Genpact Limited G to Underweight from Neutral to balance its ratings and reflect short-term caution on the pure-play offshore BPO sector.
EXLS closed Wednesday at $22.11
G closed Wednesday at $15.67
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