Last Updated : Jul 30, 2020 04:05 PM IST | Source: Moneycontrol.com

Buy Persistent Systems; target of Rs 1005: ICICI Direct

ICICI Direct is bullish on Persistent Systems has recommended buy rating on the stock with a target price of Rs 1005 in its research report dated July 28, 2020.

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ICICI Direct's research report on Persistent Systems

Persistent reported healthy Q1FY21 numbers. The company reported positive QoQ growth (up 3.1% QoQ) in dollar revenues vs. QoQ decline in revenues across other IT companies. Further, the EBITDA margin increased 100 bps to 14.8% (including one-time Covid related donation of Rs 7.4 crore). Adjusting for the one time, the margins could have been higher by ~74 bps.

Outlook

Hence, we maintain our BUY rating on the stock with a revised target price of Rs 1005/share.

For all recommendations report, click here

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