UPDATE: Citi Raises PT on Genpact Ltd from $17.50 to $18

Citi has published a report on Genpact LTD G commenting on 2Q results and raising the price target slightly. In the report, Citi wrote, "G beat our / consensus revenue and EPS estimates. Total revenue was $398 mil vs. our $379 mil and consensus of $376 mil. Adjusted EPS were $0.22 vs. our $0.18 / consensus of $0.19. G maintained its 2011 outlook of 23-25% revenue growth and adj. operating margins of 16-16.5%, but believes it will end the year at the “higher end” of both ranges. Because G did not raise guidance outright, the implied 2H11 expectations indicate much slower sequential growth. Conservatism is also possible, though we note that continued elongated BPO decision-cycles and the bank-heavy Headstrong business may have also been factors – we look to the call for more detail. G remains Hold rated and we prefer EXLS in our BPO coverage." Citi rated Genpact a High Risk Hold with a price target raised from $17.50 to $18.00. Genpact closed Tuesday at $16.11.