10. iGate Corporation (IGTE) is headquartered in Fremont, Calif. and provides offshore IT and operations outsourcing services, with most of its business concentrated in North America. The stock is rated a B (Good) by TheStreet Ratings.
While iGate's revenue declined during 2009 amid cuts in spending among its financial services customers, top-line revenue for the first quarter of 2010 was $57.9 million, increasing 29% year-over-year. Net income for the first quarter was $11.6 million compared to $5 million a year earlier.
iGate's regular annual dividend is 11 cents a share, which translates to a yield of 0.90%, based on Friday's closing price of $12.25.Jefferies & Company analyst Joseph Vafi initiated his firm's coverage of iGate on May 3 with a "Buy" rating and a 12-month target of $15, saying the company was trading at "a meaningful discount to offshore peers" based on 2011 earnings estimates. As of Friday's close, the stock had pulled back 7% since Vafi's report was published, although it was up 24% year-to-date.
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