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Buy Satyam, target of Rs 342: KRChoksey
KRChoksey Research has maintained its buy rating on Satyam Computer Services with a target price of Rs 342. The research firm continues to maintain POSITIVE view on Satyam largely due to its diversified business model and relatively low exposure to BFSI services.
KRChoksey Research has maintained its buy rating on Satyam Computer Services with a target price of Rs 342 in its November 26, 2008 research report. "We continue to maintain POSITIVE view on Satyam largely due to its diversified business model and relatively low exposure to BFSI services. However, we are reducing our estimates and P/Es for Satyam and the IT sector taking into consideration the lower growth expectations and deteriorating external environment. At the CMP of Rs 234 Satyam is trading at 6.5x FY09E EPS of Rs 36.0. We maintain a BUY on the stock with a target price of Rs 342. At the target price the stock would be valued at 9.5x FY09E EPS of Rs 36.0 and 7.7x FY10E EPS of Rs 44.5 implying an upside potential of 46.2%," says KRChoksey's research report.
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