J.P. Morgan Maintains Underweight on WNS Holdings (WNS)

J.P. Morgan is out with its report on WNS Holdings WNS, and maintains Underweight on WNS. In a note to clients, J.P. Morgan writes, "The company believes its restructuring efforts have resulted in an improvement in its contract pipeline, which should drive revenue growth from F2H12. While we think many of these actions make a lot of sense and could help improve WNS' growth profile, we prefer a “wait and watch” approach, as growth improvement is also predicated on macro environment and clients' sales cycle over the near term. We will continue to look for signs of growth acceleration but maintain our UW rating given our expectation of still modest and below-industry-average revenue growth for WNS in CY11." J.P. Morgan lowers its PT on WNS from $12 to $11. WNS closed yesterday at $10.72.