Jefferies Ups PT To $26 On IGTE

Jefferies, citing a potential for expansion, has raised its price target from $22 to $26 on iGate Corp. IGTE and is maintaining a Buy rating on the stock. In the report, Jefferies writes, “While offshore IT has gotten off to a somewhat slow C11, we see multiple expansion potential in IGTE, now that the transformational Patni deal has closed. With significantly expanded size and a strong CEO, we believe the new iGATE could be well positioned to garner an increasing share of larger deals, a market opportunity previously out of reach of the smaller enterprise.” IGTE closed at $19 on Friday.