ICICI Direct has given Buy recommendation for Persistent Systems recommended buy rating on the stock with a target price of Rs 4985 in its research rep with a target price of Rs. 4985 in its research report issued on Jan 24, 2022
ICICI Direct’s research report on Persistent Systems
Persistent System (Persistent) offers cloud, data, product & design led services to BFSI, Healthcare & Hi Tech verticals • Persistent has shown a healthy turnaround in dollar revenue growth of 13% YoY in FY21 and margin expansion of 248 bps • Net debt free and healthy double digit return ratio (with RoCE of 20%).
We now assign BUY rating (from HOLD earlier) on continued strong growth. We value Persistent at Rs 4,985 i.e. 42x P/E on FY24E.
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At 17:30 Persistent Systems was quoting at Rs 4,286.50, up Rs 216.90, or 5.33 percent.
It has touched an intraday high of Rs 4,358.75 and an intraday low of Rs 4,110.00.
It was trading with volumes of 23,143 shares, compared to its thirty day average of 18,176 shares, an increase of 27.33 percent.
In the previous trading session, the share closed down 1.85 percent or Rs 76.65 at Rs 4,069.60.
The share touched its 52-week high Rs 4,986.85 and 52-week low Rs 1,482.05 on 03 January, 2022 and 29 January, 2021, respectively.
Currently, it is trading 14.04 percent below its 52-week high and 189.23 percent above its 52-week low.
Market capitalisation stands at Rs 32,759.58 crore.