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Hold TCS, target of Rs 590: Emkay Global
Emkay Global Financial Services has maintained its hold rating on Tata Consultancy Services (TCS) with a target of Rs 590. Net profits at Rs 13.5 billion (+7.1% QoQ, +1.6% YoY).
Emkay Global Financial Services has maintained its hold rating on Tata Consultancy Services (TCS) with a target of Rs 590 in its January 16, 2009 research report. "TCS reported USD revenues of USD 1483 million (-5.8% QoQ, -1.3% YoY), INR term revenues of Rs 72.7 billion (+4.7% QoQ, +22.8% YoY). Net profits at Rs 13.5 billion (+7.1% QoQ, +1.6% YoY). We expect some negative stock reaction to the disappointing results. However believe that downside could be limited by cheap valuations in the form of 10xFY10 earnings and 9% FY10 FCF yield. We maintain HOLD with a revised price target of Rs 590, 10x 1 year rolling forward P/E multiple," says Emkay Global Financial Services' research report.
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