UPDATE: Goldman Sachs Raises PT on ExlService Holdings to $26

Goldman Sachs is out with its report today on ExlService Holdings EXLS, raising its PT from $23 to $26. In its report, Goldman Sachs writes, "Our 12-month price target of $26 is based on a weighted average model incorporating a sector-relative framework, CY11 P/E, CY11 EV/EBITDA, and M&A value; it implies a CY11 P/E of 19X our cash EPS of $1.36." Goldman Sachs maintains Neutral on EXLS. Shares of EXLS closed Tuesday at $24.31.