Steady Quarter For WNS, Jefferies Finds Attractive

Jefferies & Company has published a research report on WNS Holdings WNS after the company reported a steady quarter that Jefferies believes keeps the company's valuation attractive to investors. In the report, Jefferies writes "Despite soft seasonality in the travel vertical, WNS still posted a modest q/q increase in adjusted net income. This outcome was achieved despite a higher percentage of SGA spend versus last quarter. We feel that the WNS model is now primed for some operating leverage as secular and company-specific drivers help expand the top line. Outside of P&L efficiency, we would like to see WNS's attrition rate come down from the 42% annualized level recorded this quarter." Jefferies maintains its Buy rating and has raised the price target from $13 to $14. WNS Holdings closed yesterday at $11.43.