Patni Computer has target of Rs 480: Jain

Patni Computer has target of Rs 480, says Rajesh Jain, Independent Market Strategist.

Jain told CNBC-TV18, "Patni Computers now offers excellent long-term prospects and in the near-term, the downside  is protected because of the expected open offer at a price of Rs 503. In the event of a market pullback, Patni can  easily hit an intraday high of Rs 485; the long-term prospects of the company improve both on a topline as well as the  margin basis given the significant scale that a merger iGate will provide. The stock is trading under discount and I  expect over the next year to a year and a half that it will see an upward re-rating and the long-term potential for the stock  is Rs 600." The company's trailing 12-month (TTM) EPS was at Rs 51.27 per share. (Sep, 2010). The stock's price-to-earnings  (P/E) ratio was 9.05. The latest book value of the company is Rs 245.44 per share. At current value, the price-to-book  value of the company was 1.89. The dividend yield of the company was 0.65%.