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Fly News Breaks for August 14, 2019
VRTU
Aug 14, 2019 | 07:32 EDT
Cowen analyst Bryan Bergin said Virtusa shares are trading at depressed levels and its selloff following earnings is overdone. The analyst said consecutive quarters of client concentration issues have warranted the pressure but execution will remain critical in the near-term to restore investor confidence in credibility and client strategy. Bergin maintained his Outperform rating and lowered his price target to $45 from $55 to reflect a conservative haircut to its multiple.
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