JPMorgan analyst Puneet Jain lowered the firm’s price target on ExlService (EXLS) to $52 from $56 and keeps an Overweight rating on the shares. The firm updated targets in IT services post the Q2 reports, saying the sector is in the third straight year of below-average revenue growth. An improvement in growth is needed to drive higher valuation multiples, the analyst tells investors in a research note. JPMorgan is optimistic that sector growth will improve.
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