Buy Cranes Software, tgt Rs 154: Angel Broking

Angel Broking has maintained buy rating on Cranes Software Internatrional with target price of Rs 154 in its July 03, 2008 report. "Going forward, we expect Cranes Software to clock a CAGR growth of 30.6% in Top-line and 22.2% in Bottom-line over the period FY2008-10E. This would be achieved even as we expect the company’s EBITDA Margins to remain under pressure. At the CMP, the stock trades at 9.5x FY2010E EPS. We expect Cranes to continue to record strong growth on the back of new product launches, tapping newer verticals, expansion of the addressable market size, further possible acquisitions and future non-linear growth through commercialisation of investments in proprietary technologies such as Micro Electro-Mechanical Systems (MEMS). We maintain a Buy on the stock, with a 12-month Target Price of Rs154 (Rs173), downgraded on account of lower Margin estimates and EPS" according to Angel Broking report.