UBS Downgrades HiSoft Technology, Reduces PT (HSFT)

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UBS downgraded HiSoft Technology International (NASDAQ:HSFT) to neutral from buy, while lowering its price target to $21 from $27.The bank cited significant revenue disruption in Japan, where HiSoft earns 23% of its revenues. The company was forced to relocate most of its Tokyo-based staff to Osaka and China for several weeks.UBS now sees 2011 EPS at $0.79 from its previous estimate of $0.86, vs. the consensus estimate for $0.85, and 2011 revenue at $196 million from its previous $200 million, vs. the consensus for $199 million.HSFT is trading down 2.72% at $18.22 per share.

Credit: Financial News Network

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