Sharekhan is bullish on Persistent Systems has recommended buy rating on the stock with a target price of Rs 680 in its research report dated November 06, 2019.
Sharekhan's research report on Persistent Systems
Delivered strong revenue growth led by broad-based performance; EBIT margin remained marginally below our expectations. Alliance business delivered strong growth of 6.1%; management sees good opportunities in IBM alliance business. Recent deal wins, new logo additions and yields from rebranding activities to drive revenue growth ahead, however margins to remain under pressure in coming quarters.
We upgrade our rating from Hold to Buy on Persistent Systems Limited (PSL) with a revised PT of Rs. 680.
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