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Fly News Breaks for May 16, 2019
VRTU
May 16, 2019 | 07:58 EDT
Needham analyst Mayank Tandon lowered his price target on Virtusa to $60 after its "soft" Q4 results driven by "weakness" at one of its large banking clients. The analyst also attributes the below-consensus Q1 guidance to budget reductions by that client, even though the management anticipates growth to accelerate this year given the company's expanding backlog and pipeline. Tandon maintains his Strong Buy rating on Virtusa and sees the "significant" afterhours decline in its stock price as overdone.
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