ExlService (NASDAQ:EXLS) Upgraded to “Strong-Buy” at Robert W. Baird

Posted by George Bondi on Jul 31st, 2026

Robert W. Baird upgraded shares of ExlService (NASDAQ:EXLS – Free Report) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have $45.00 target price on the business services provider’s stock.

Several other research analysts have also issued reports on EXLS. Needham & Company LLC raised their target price on ExlService from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday. TD Cowen reiterated a “buy” rating and issued a $39.00 price target (down from $45.00) on shares of ExlService in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on ExlService from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings downgraded ExlService from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 30th. Finally, Barrington Research set a $43.00 price objective on ExlService in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.50.

Check Out Our Latest Stock Analysis on ExlService

ExlService Stock Performance

EXLS stock opened at $34.36 on Thursday. The company has a fifty day moving average price of $28.23 and a 200-day moving average price of $30.96. The company has a market capitalization of $5.21 billion, a P/E ratio of 21.61, a PEG ratio of 1.52 and a beta of 0.84. ExlService has a 52-week low of $24.85 and a 52-week high of $45.08.

ExlService (NASDAQ:EXLS – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The business services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. ExlService had a net margin of 11.17% and a return on equity of 30.61%. The company had revenue of $570.35 million for the quarter, compared to analyst estimates of $557.67 million. During the same quarter in the previous year, the business earned $0.48 earnings per share. ExlService’s revenue was up 13.8% compared to the same quarter last year. As a group, sell-side analysts forecast that ExlService will post 1.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Vikas Bhalla sold 12,000 shares of ExlService stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.22, for a total value of $362,640.00. Following the completion of the transaction, the insider directly owned 153,295 shares of the company’s stock, valued at approximately $4,632,574.90. This trade represents a 7.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ajay Ayyappan sold 5,093 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $29.11, for a total value of $148,257.23. Following the completion of the transaction, the executive vice president directly owned 48,994 shares in the company, valued at $1,426,215.34. This represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.66% of the company’s stock.

Institutional Investors Weigh In On ExlService

Several large investors have recently added to or reduced their stakes in the business. Transamerica Financial Advisors LLC increased its holdings in ExlService by 285.2% in the fourth quarter. Transamerica Financial Advisors LLC now owns 678 shares of the business services provider’s stock worth $29,000 after purchasing an additional 502 shares in the last quarter. Private Trust Co. NA lifted its stake in ExlService by 56.2% in the fourth quarter. Private Trust Co. NA now owns 717 shares of the business services provider’s stock valued at $30,000 after buying an additional 258 shares during the period. V Square Quantitative Management LLC bought a new position in shares of ExlService during the 4th quarter worth approximately $33,000. Hantz Financial Services Inc. boosted its holdings in shares of ExlService by 183.1% during the 4th quarter. Hantz Financial Services Inc. now owns 1,353 shares of the business services provider’s stock worth $57,000 after buying an additional 875 shares in the last quarter. Finally, Leonteq Securities AG acquired a new stake in shares of ExlService during the 4th quarter worth approximately $59,000. Institutional investors and hedge funds own 92.92% of the company’s stock.

More ExlService News

Here are the key news stories impacting ExlService this week:

Positive Sentiment: Raised 2026 outlook: ExlService projects 2026 revenue of approximately $2.39 billion to $2.415 billion, reflecting confidence in continued demand and the expected contribution from iMerit. Management also raised its earnings outlook. ExlService projects 2026 revenue of $2.39B-$2.415B following iMerit deal and raised EPS outlook
Positive Sentiment: Solid second-quarter performance: Revenue reached about $594.8 million, up from the prior year, and results were characterized as strong enough to support an optimistic outlook for the remainder of 2026. The earnings presentation and call highlighted the company’s growth trajectory and operating momentum. ExlService Holdings 2026 Q2 Results Earnings Call Presentation
Positive Sentiment: Analyst support increased: Needham raised its price target from $40 to $45 and maintained a Buy rating, implying further upside based on the cited $34.36 reference price. Growth-focused coverage also points to ExlService’s revenue, earnings and industry positioning as potential market-beating attributes. Needham raises ExlService price target
Positive Sentiment: iMerit deal expands capabilities: The acquisition is expected to strengthen ExlService’s data and artificial-intelligence services, while adding to its growth opportunity and supporting the higher revenue forecast. Investors have responded favorably to the combination of the deal and improved guidance. Is ExlService Holdings Undervalued Following Strong Results, Higher Guidance, And The iMerit Deal?
Neutral Sentiment: EXLS had already surged 17.88% in the prior session and extended a five-day winning streak, increasing the likelihood of short-term profit-taking even though the fundamental news remains favorable. ExlService Soars 17.88%, Wins Hedge Fund Confidence
Negative Sentiment: A broader market sell-off, including pressure on technology and growth stocks amid an oil-price surge and U.S.-Iran tensions ahead of the Federal Reserve decision, created an unfavorable backdrop for equities. Oil Spikes, Nasdaq 100 Sinks Before Fed

About ExlService

(Get Free Report)

ExlService Holdings, Inc (NASDAQ: EXLS) is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.