KeyBanc Ups Keane to Buy
KeyBanc Capital Markets upgraded Keane (KEA) to buy from hold, citing its recently announced "One Keane" initiative.
Analyst Anurag Rana says the primary objective of this initiative is to improve Keane's top and bottom-line by replacing the branch model with a vertical focused global delivery network. Following a meeting with management, Rana believes the company is taking the right steps to change its archaic operating model and improve top-line growth. While management didn't comment about a particular time frame to achieve an offshore/onshore mix, Rana believes the process could be faster than he originally thought. The analyst set an $18 stock price target.