ICICI Direct has given Buy recommendation for Coforge with a target price of Rs. 5870 in its research report issued on Oct 27, 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 upgrade the stock to BUY (from HOLD earlier) We value Coforge at Rs 5870 i.e. 40x P/E on FY23E EPS

 

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