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Hold Coforge; target of Rs 2690: ICICI Direct

ICICI Direct recommended hold rating on Coforge with a target price of Rs 2690 in its research report dated October 23, 2020.

October 25, 2020 / 12:01 PM IST
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ICICI Direct's research report on Coforge

Coforge Ltd (Coforge) registered healthy revenue growth, up 8.1% QoQ in constant currency terms, above our estimate of 7.0% QoQ growth. The revenue growth was broad based across verticals mainly led by insurance (up 13.5% QoQ) and BFS (up 10.2% QoQ). Digital revenues (including IP) also increased 18.7% QoQ. Further, Coforge has guided for revenue growth of 6% YoY organic growth in FY21E and 17.8% EBITDA margin in FY21E before Esop cost.


However, the recent run up in stock price factors in most positives. Hence, we downgrade the stock from BUY to HOLD with a revised target price of Rs 2690 (24x FY23E EPS).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Oct 25, 2020 12:01 pm

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