Cantor sees 73% upside potential in shares of Exala Technologies

Cantor Fitzgerald analyst Joseph Foresi last night initiated coverage of Exala Technologies with an Overweight rating and $9 price target, which represents 73% upside from current levels. The business process outsourcing company, formed through the merger of SourceHov and Novitex, can take advantage of over $100M in cost synergies to drive margins to the twenties from high teens over the long term, Foresi tells investors in a research note. He sees the stock's multiple expanding as the market realizes Exala's synergistic opportunity.

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