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Hold Mastek, target of Rs 195: PINC
PINC Research has downgraded its rating on Mastek to hold with a target of Rs 195. Mastek had guided for a 32-34% growth in INR revenues for FY09, which translated into a USD growth rate of 14-16%.
PINC Research has downgraded its rating on Mastek to hold with a target of Rs 195 in its November 19, 2008 research report. "Mastek had guided for a 32-34% growth in INR revenues for FY09, which translated into a USD growth rate of 14-16%. Our growth outlook for Mastek has been revised primarily on volatile exchange rates. We believe the bigger threat to earnings is the weak macro environment, which could impart pressure on Mastek's application development led model leading to further uncertainty over earnings growth. Hence, we expect these factors to weigh on valuations and thus downgrade our recommendation to 'HOLD'. with a price target of Rs 195," says PINC's research report.
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