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Last Updated : Oct 16, 2020 02:57 PM IST | Source: Moneycontrol.com

Buy MindTree; target of Rs 1680: ICICI Direct

ICICI Direct is bullish on MindTree recommended buy rating on the stock with a target price of Rs 1680 in its research report dated October 16, 2020.

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ICICI Direct's research report on MindTree


MindTree reported 3.1% QoQ growth in dollar revenues, mainly led by higher growth in BFSI and retail and CPG & manufacturing. Further, cost efficiency and higher utilisation led margins to improve 340 bps QoQ to 20.3%. The board has recommended a dividend of Rs 7.5 per share.



Outlook


MindTree’s aim to improve margins via employee pyramid, offshoring, pricing, utilisation and annuity business bodes well for profit growth. Based on these factors, we revise our EPS and multiple upwards and maintain BUY with a revised target price of Rs 1680/share (22x FY23E EPS).


For all recommendations report, click here

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First Published on Oct 16, 2020 02:57 pm
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