UPDATE: Jefferies Downgrades iGate from Buy to Hold and Lowers PT from $26 to $13

Jefferies has published a research report on iGate Corporation IGTE downgrading the company and lowering the price target. In the report, Jefferies wrote, "The recent transformational acquisition of Patni has long-term potential, but in the near-term we see integration and balance sheet risks associated with this deal as likely inhibitors of multiple expansion. Shares appear cheap, but we don't see prospects for many near-term positive catalysts, especially in the current "risk-off" environment. Assume coverage with Hold rating (was Buy previously)." Jefferies downgraded iGate Corporation from Buy to HOLD with a price target lowered from $26.00 to $13.00. iGate Corporation closed Friday at $11.68.