Buy HCL Tech, target of Rs 375: Anand Rathi

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Buy HCL Tech, target of Rs 375: Anand Rathi

Anand Rathi Securities has maintained its buy rating on HCL Technologies with a target price of Rs 375. HCL Tech’s US$-revenue grew 7.6%, margin was up 82bps and profit up 52% sequentially.

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RELATED NEWS Reduce HCL Tech, target of Rs 270: IIFL Hold HCL Tech, target of Rs 343: Sharekhan ALSO READ See previous views by Anand Rathi Securities See what other Experts & Brokerages are saying about HCL Tech See messages about HCL Tech HCL Tech BSE | NSE 28/05/12 Are Mutual Funds betting on HCL Tech?

Anand Rathi Securities has maintained its buy rating on HCL Technologies with a target price of Rs 375 in its August 26, 2009 research report.

"HCL Tech's US$-revenue grew 7.6%, margin was up 82bps and profit up 52% sequentially. Pricing strength and IMS growth were surprising. The BPO business turned around from the negative to positive growth zone. We maintain our target multiple of 15x average FY11e earnings of Rs25, thus raising our target price to Rs 375. We maintain our Buy rating. In the past, the stock has traded at a 28% discount to Infosys," says Anand Rathi Securities' research report.

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To read the full report click on the attachment......