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.
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.
Hence, we maintain our BUY rating on the stock with a revised target price of Rs 1005/share.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.