Genpact price target raised to $39 from $36 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Genpact to $39 from $36 but keeps a Market Perform rating on the shares after its Q4 results and initial FY24 guidance. Demand for Genpact has not improved and is not expected to improve in the near term, hence, Genpact prudently gave an initial FY24 revenue growth guidance that was below expectations and implies the lowest constant-current growth rate in several years, the analyst tells investors in a research note. Given the longer-term nature of Genpact’s business however, BMO sees a longer and slower ramp back to mid-single-digit revenue growth over the next few years.