Buy Satyam with target of Rs 530: Angel

Angel Broking has maintained buy rating on Satyam Computer Services with target price of Rs 530 in its July 18, 2008 research report. "Satyam reported an impressive 8.5% qoq growth in consolidated Top-line for 1QFY2009. This growth is the best among the Top-4 software companies and continues the trend of Satyam recording industry-leading revenue growth rates."

"Going ahead, we expect Satyam to maintain a CAGR growth of 27.1% in Top-line and 21.2% in Bottom-line over FY2008-10E. At the CMP, the stock is trading at 10.6x FY2010E EPS. We expect the company to continue to record industry-leading volume growth, led by continuing demand in its key business of Enterprise Solutions, a steady expansion of service lines and client mining efforts. We believe the stock is trading at attractive valuations, given industry-beating growth rates, its dominant position in Enterprise Solutions and good return ratios. We maintain a buy on the stock, with a 12-month target price of Rs 530." accordingto Angel Broking report.

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