Deutsche Bank Lowers PT On VIT To $37

Deutsche Bank has lowered its price target from $40 to $37 and is maintaining its Buy rating on VanceInfo Technologies VIT following the release of 1Q results. Says Deutsche Bank, in the report, “We are trimming our 2011 estimates and price target after VanceInfo reported largely in-line 1Q results but reduced its OPM target by 50bps due to increased investments and higher-than-expected wage inflation. That said, we remain positive on the stock and would be buyers on weakness based on strong industry fundamentals, excellent strategic positioning to capture Chinese domestic demand and attractive valuation.” VIT closed yesterday at $28.31.