Buy HCL Tech; target of Rs 985: KR Choksey

KR Choksey is bullish on HCL Tech has recommended buy rating on the stock with a target price of Rs 985 in its research report dated January 25, 2017.

January 25, 2017 / 17:20 IST

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KR Choksey's research report on HCL Tech

HCL Tech delivered a strong set of numbers in Q3 FY17 and was broadly above our estimates. Dollar revenue was reported at $1,745 Mn, 1.3% up qoq and marginally below our estimate of $1,750 Mn, while margins were solid and in-line with management guidance.

Outlook

We believe that the management’s stance on aggressively pursuing Products & Platform business is a right one and will be margin accretive. We have an “BUY” rating on the stock as we assign a multiple of 15x to its FY18E EPS to arrive at a price target of INR 985.

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first published: Jan 25, 2017 05:20 pm

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