Buy HCL Technologies; target of Rs 1150: ICICI Direct
ICICI Direct is bullish on HCL Technologies has recommended buy rating on the stock with a target price of Rs 1150 in its research report dated January 14, 2021.
January 28, 2021 / 05:00 PM IST
ICICI Direct's research report on HCL Technologies
HCL Technologies (HCL) reported healthy margins in Q3FY21 and were above our estimates. The company has also revised its margins guidance upwards from 20-21% in FY21E to 21-21.5%. Revenues were in line with our estimate at 3.5% QoQ in CC terms, while margins were above our estimates. HCL has signed 13 transformational deals across industry verticals, including Life Sciences and Healthcare, Technology and Financial Services. The company has declared a dividend of Rs 4/share.
Hence we maintain BUY on the stock with a target price of Rs 1150 (18x PE on FY23E EPS) (previous target was Rs 1105).
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