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Buy Persistent Systems; target of Rs 4985: ICICI Direct

ICICI Direct is bullish on Persistent Systems recommended buy rating on the stock with a target price of Rs 4985 in its research report dated January 24, 2022.

January 31, 2022 / 11:51 AM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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ICICI Direct's research report on Persistent Systems

Persistent System (Persistent) offers cloud, data, product & design led services to BFSI, Healthcare & Hi Tech verticals • Persistent has shown a healthy turnaround in dollar revenue growth of 13% YoY in FY21 and margin expansion of 248 bps • Net debt free and healthy double digit return ratio (with RoCE of 20%).

Outlook

We now assign BUY rating (from HOLD earlier) on continued strong growth. We value Persistent at Rs 4,985 i.e. 42x P/E on FY24E.