Jefferies analyst Surinder Thind upgraded ExlService to Buy from Hold with a price target of $42, up from $35. The firm says it is starting to get more positive on the IT services industry with demand having potentially bottomed, and poised to improve in 2025. The analyst cites ExlService’s “industry leading” growth and it being an artificial intelligence beneficiary for the upgrade. The company’s headwinds impacting the underlying business have likely bottomed, the analyst tells investors in a research note.
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