Hold HCL Tech, target of Rs 180: Reliance Money

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Hold HCL Tech, target of Rs 180: Reliance Money

Reliance Money has maintained its hold rating on HCL Technologies with a target of Rs 180. HCL technologies stock trades at a P/E of 7.7x FY09E and 6.3x FY10E earning.

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Reliance Money has maintained its hold rating on HCL Technologies with a target of Rs 180 in its October 17, 2008 research report. "Given the current challenging industry environment coupled with subdued global market sentiments, we believe it is fair to assume more challenges to emerge in the medium term, in order to capture the diminishing investor confidence on the sector, we have revised our one year forward multiple for HCL Tech from 12X to 9X. HCL technologies stock trades at a P/E of 7.7x FY09E and 6.3x FY10E earning. We maintained HOLD on HCL Technologies with a target price of Rs 180, at our target price the stock will be valued at 9x for FY09E and 7x FY10E earning," says Reliance Money's research report.

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