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Last Updated : May 10, 2020 02:03 PM IST | Source: Moneycontrol.com

Buy Persistent Systems Limited target of Rs 650: Sharekhan

Sharekhan is bullish on Persistent Systems Limited has recommended buy rating on the stock with a target price of Rs 650 in its research report dated May 06, 2020.

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Sharekhan's research report on Persistent Systems Limited


PSL delivered steady performance in a tough environment; revenue declined by 1.8% q-o-q owing to drop in IP-led revenue, while margin expanded by 41bps q-o-q, led by lower marketing expenses and rupee depreciation. Growth momentum in Technology Services Unit (TSU) would continue on account of new logo addition and a healthy deal pipeline. Cash and cash equivalents account for 38% of its current market capitalisation; reasonable valuation and high cash and cash equivalents are expected to provide downside support to the stock price.


Outlook


We retain our Buy rating on Persistent Systems Limited (PSL) with a revised PT of Rs. 650, given its reasonable valuation.


For all recommendations report, click here


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First Published on May 10, 2020 02:03 pm
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