Citi analyst Ashwin Shirvaikar upgraded ExlService to Neutral from Sell with an unchanged price target of $160. After underperforming the market and peers year-to-date, the stock’s valuation levels are more reasonable, the analyst tells investors in a research note. The firm also believes recent developments in the banking vertical will likely lead to heightened demand for portfolio and risk analytics among U.S. and U.K. banks.
Published first on TheFly
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