ICICI Direct has given Hold recommendation for Coforge with a target price of Rs. 5500 in its research report issued on Jul 29, 2021

ICICI Direct’s research report on Coforge

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals Coforge’s revenues and PAT have grown at a CAGR of ~12% each over the past five years Healthy OCF, EBITDA (~75%) and robust return ratios (RoCE > 20%)

Outlook

We downgrade the stock from BUY to HOLD We value Coforge at Rs 5500 i.e. 40x P/E on FY23E EPS

 

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