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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.

More Info on Trent

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At 17:30 Persistent Systems was quoting at Rs 4,286.50, up Rs 216.90, or 5.33 percent.

It has touched an intraday high of Rs 4,358.75 and an intraday low of Rs 4,110.00.

It was trading with volumes of 23,143 shares, compared to its thirty day average of 18,176 shares, an increase of 27.33 percent.

In the previous trading session, the share closed down 1.85 percent or Rs 76.65 at Rs 4,069.60.

The share touched its 52-week high Rs 4,986.85 and 52-week low Rs 1,482.05 on 03 January, 2022 and 29 January, 2021, respectively.

Currently, it is trading 14.04 percent below its 52-week high and 189.23 percent above its 52-week low.

Market capitalisation stands at Rs 32,759.58 crore.

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first published: Jan 31, 2022 11:51 am
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