ExlService Q3 Firing on All Cylinders, BofA Says

11:45 AM EDT, 10/28/2026 (MT Newswires) -- ExlService (EXLS) reported another beat-and-raise in Q3, with momentum becoming broad-based, BofA Securities said in a note Wednesday. The report said Q3 organic revenue growth of about 16.9% year-over-year exceeded BofA's forecast of 14%, and an acceleration from 15.9% in Q2. It also said the inorganic contribution from iMerit acquisition was also ahead of BofA estimates. The demand strength for the firm's fast-expanding set of offerings appears to have become much more broad-based with all verticals growing over 15% organically, the report said. "We view EXLS as having a favorable services mix that is likely to benefit from upcoming AI investments alongside good progress in offering agent based services," the note said. BofA reiterated its buy rating and raised its price target to $47 from $46 as it raised its 2026 to 2028 adjusted EPS estimates by 2% to 3%. Price: 39.89, Change: -1.05, Percent Change: -2.55