Hold HCL Technologies, target of Rs 248: Reliance Money

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Hold HCL Technologies, target of Rs 248: Reliance Money

Reliance Money has recommended a hold rating on HCL Technologies with a target of Rs 248. The research firm expects HCL Technologies revenue and net profit to grow at a CAGR of 24% and 32% over FY08E-10E.

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Reliance Money has recommended a hold rating on HCL Technologies with a target of Rs 248 in its September 22, 2008 research report. "Industry headwinds have taken its toll on the stock performance of HCL Technologies and it has corrected by almost 25% in the last 5 months. We expect HCL Technologies revenue and net profit to grow at a CAGR of 24% and 32% over FY08E-10E. HCL technologies stock trades at a P/E of 10x FY09E and 9x FY10E earning. We continue to recommend a HOLD on HCL Technologies with a reduced target price of Rs 248, at our target price the stock will be valued at 11x for FY09E and 9x FY10E earning," says Reliance Money's research report.

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