Syntel (NASDAQ:SYNT) Still Has Upside Says Deutsche (NYSE:DB)

Consensus for Syntel (NASDAQ:SYNT) is too conservative in the view of Deutsche Bank (NYSE:DB), which sees an upside of 15 percent still in the share price of the stock.

Deutsche said, "We are upgrading SYNT to Buy from Hold ahead of what we expect will be solid F4Q results, consensus 2011 growth estimates that appear too conservative and attractive valuation relative to peers. While we acknowledge that the 'easy money' has likely been made in SYNT, there is still an opportunity for 15% upside in our view based on multiple expansion (as fundamentals improve) and increased Street estimates."

Deutsche Bank upgraded Syntel, Inc. from "Hold" to "Buy." Syntel closed Friday at $54.15, gaining $3.64, or 7.21 percent. Deutsche boosted their price target on Syntel from $50 to $57.