UPDATE: Jefferies Downgrades ExlService Holdings from Buy to Hold and Lowers PT from $28 to $24

Jefferies has published a research report on ExlService Holdings EXLS assuming coverage with a downgraded rating and a lower price target. In the report, Jefferies wrote, "In our view, EXLS possesses differentiated domain expertise, making the company a leader in the offshore BPO market. But with shares trading at 17x C12 P/E, valuation doesn't look compelling in the context of comps, and we also have some concern that elevated uncertainty in the macro environment could impact BPO sales cycles, revenue conversion, and pricing. Assume coverage with Hold rating (was Buy previously)." Jefferies downgraded ExlService Holdings from Buy to Hold with a price target lowered from $28 to $24. ExlService Holdings closed Friday at $24.43.