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Last Updated : Jan 18, 2019 04:36 PM IST | Source: Moneycontrol.com

Hold MindTree; target of Rs 930: ICICI Direct

ICICI Direct recommended hold rating on MindTree with a target price of Rs 930 in its research report dated January 17, 2019.

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ICICI Direct's research report on MindTree


MindTree reported an in line dollar revenue growth and 50 bps margin expansion to 15.9% US$ revenues grew 2.1% QoQ to $251.5 million, in line with our $251.4 million estimate. Constant currency revenues grew 2.4% QoQ The EBITDA margin expanded 50 bps sequentially to 15.9% (above our 15.7% estimate) led by operational efficiency and no impact of rupee depreciation.


Outlook


Further, keeping in mind the impending stake sale by a large shareholder and the macro environment uncertainty, we maintain our HOLD rating on the stock with a revised target price of Rs 930 per share (based on 16x P/E on FY21E EPS).


For all recommendations report, click here


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First Published on Jan 18, 2019 04:36 pm
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