Jefferies & Company Inc. Initiates Coverage Of iGate Corp. (IGTE) With Buy Rating

Analyst Joseph Vafi at Jefferies & Company Inc. has initiated coverage of iGate Corp. (NASDAQ: IGTE) with Buy rating. The 12-month price target for iGate Corp. stock has been set at $15.

Jefferies & Company says that despite solid P&L performance in the last few quarters, the company remains at the low end of the offshore IT valuation range. The brokerage firm believes that a recent secondary-share offering should help the company to improve its liquidity position. This should also result in multiple expansion.