Nomura Instinet analyst Dan Dolev initiated coverage of Exela Technologies with a Buy rating and $10 price target. With over $1.5B in sales, Exela is an "emerging force" in the global Business Process Outsourcing industry, Dolev tells investors in a research note titled "Six Reasons to Own XELA." He believes the company possesses a large and growing total addressable market with improving fundamentals. The analyst thinks a 50% discount on 2019 estimated enterprise value to EBITDA is "unmerited," given Exela's growth profile, which he says is roughly in line with peers.