Services traction offset by margin outlook :Broad-based services traction: CYL’s 1QFY17 revenue grew 2.6% QoQ (and 2% QoQ in constant currency) to USD124m, compared to our estimate of USD123m. Services business grew 5.4% QoQ to USD115m (v/s our estimate of USD113m), registering the highest growth in 7 quarters. Services business grew across the board with the exception of Utilities & Geospatial. Motilal Oswal price target of INR550 discounts FY18E earnings by 13x. Maintain Buy.Trendlyne has 8 reports on CYIENT updated in the last year from 3 brokers with an average target of Rs 512.7. Brokers have a rating for CYIENT with 3 price upgrades in past 6 months.