Syntel, Inc. (SYNT) Initiated as Buy at Needham

Syntel, Inc. (SYNT) has been initiated today with coverage from the research analysts at Needham.  Needham begins this new coverage of Syntel with an initial price target set at $70 dollars and rates performance of SYNT as “buy.”  Needham also noted that they believe the company will experience growth due to ongoing IT offshore trends.  Additionally, Needham sees the company as having strong capability in areas such as financial services, healthcare and ‘knowledge process’ outsourcing that should at minimum keep it in-line with the industry as a whole.

SYNT has performed overall commendably within 2011 trading while many other stocks have suffered from overall negative market sentiment from European debt crisis to America itself having difficulty trying to pass new laws in order to increase its debt ceiling.  However, SYNT did in fact encounter a multi-month stint of consolidation, it has mostly been to the upside over 2010’s trading range.  Notably, this consolidation was broken to the upside on July 1st, 2011, above February 8th’s price level of $59.62.

Syntel is slated to release their next earnings report on July 21st, 2011, and is estimated to post EPS of 66 cents.  Their last earnings report was released on April 21st, 2011, and announced EPS of 60 cents with revenue totaling $145.4 million which was up 25.3% year to year.  SYNT is currently trading above its 50 & 200-day moving averages and 2011 is an up year for the company.

Syntel, Inc provides complete software applications development, maintenance, testing, migration and infrastructure services.  Syntel leverages its proprietary methodologies, processes and tools to assimilate the customer’s business process and technology system knowledge to develop and deliver customized services.  The company has market capitalization of $2,437,014,720 and 41,744,000 shares outstanding.  SYNT has a 52-week high of $62.03 with the low being $35.60 dollars.

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