ExlService price target lowered to $171 from $201 at JPMorgan

JPMorgan lowered the firm’s price target on ExlService to $171 from $201 and keeps an Overweight rating on the shares. The analyst is surprised by the post-earnings selloff. While some growth was driven by non-recurring revenue, underlying trends were still strong and ExlService confirmed plans to conduct a 5-for-1 stock split in early August, aiming to increase liquidity and shareholder access, the analyst tells investors in a research note. The firm is encouraged with the results and outlook, and recommends ExlService as one of its top picks.