UPDATE: Goldman Sachs Lowers PT on ExlService Holdings to $21 (EXLS)

Goldman Sachs is out with its report today on ExlService Holdings (NASDAQ: EXLS), lowering its PT from $23 to $21.

At the time of posting, Goldman Sachs writes, "We are updating our estimates following reported 4Q results. While our 2011/2012 revenue forecasts remain largely unchanged (20% growth for both years), we reduce our EPS by 1%/11% respectively to $0.80/$0.90 on lower operating margin assumptions (140 bp), partially offset by a nonoperating FX gain in 2011. We are also introducing a 2013 EPS of $1.06. On an adjusted basis excluding stock comp and amortization, our 2011/2012/2013 EPS now stand at $1.10/$1.22/$1.41. Reflecting our revised estimates, we lower our 12-month price target to $21 (from $23)."

Goldman Sachs maintains Neutral on EXLS.

Shares of EXLS closed Tuesday at $20.94.