Accumulate Satyam, target of Rs 483: Emkay Global

Emkay Global Financial Services has maintained its accumulate rating on Satyam Computer Services with a target price of Rs 483 in its July 21, 2008 research report."Satyam reported adjusted USD revenues of USD 623.8 million (+1.8% QoQ), Rs 26.2 billion (+8.5% QoQ) below expectations as well as missing company guidance of 3-3.5% sequential growth."

"We maintain our ‘ACCUMULATE’ rating on the stock with a revised price target of Rs 483 (from Rs 532 earlier), based on a 20% P/E discount to our target multiple for Infosys. We would prefer TCS and Infosys to Satyam among our large cap IT services coverage universe," says Emkay's research report.

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