Genpact Ltd . (NYSE:G) saw its price target modestly increased to $36.00 from $35.00 by TD Cowen, while the firm kept a Hold rating on the stock.
The adjustment followed Genpact's second-quarter performance, which surpassed expectations and led to an improved forecast for the full fiscal year 2024.
The company, which had not observed any significant changes in underlying demand, demonstrated further progress in its strategic initiatives, contributing to its strong quarterly results.
These factors have enabled Genpact to provide a positive update to its fiscal year 2024 outlook, with revenue and earnings per share (EPS) estimates being raised by 1.5% and 4.5%, respectively.
TD Cowen acknowledged the company's cautious approach but noted a meaningful shift in tone due to the recent developments. Despite the cautious stance, the firm recognized that Genpact's valuation remains at a discount, suggesting that the company's growing momentum justified a more constructive posture.
The raised price target reflects the belief that Genpact's strategic efforts are paying off and leading to tangible results.
The analyst from TD Cowen highlighted the company's ability to deliver a solid quarter while still exercising stated prudence in its operations and financial outlook.
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