Sharekhan has given Buy recommendation for Coforge with a target price of Rs. 5450 in its research report issued on Mar 24, 2022
Sharekhan’s research report on Coforge
Coforge has successfully transformed itself into one of the fastest-growing IT services companies, performing well across metrics under a revamped management in the past few years. It is well placed to deliver top-quartile revenue/earnings growth (17%/22% CAGR) over FY2022-24E on strong executable orders, improved capabilities, addition of new logos, and improving margin. We expect margins to rise in the medium term, led by – (1) Strong growth, (2) a better business mix, (3) pyramid balancing by hiring more freshers, (4) operating efficiencies and (5) currency tailwinds.
We re-initiate coverage on Coforge Limited (Coforge) with a Buy rating, led by strong earnings visibility, healthy cash generation and improving return ratios. We set a PT of Rs.5,450.
At 17:30 COFORGE LIMITED was quoting at Rs 4,422.35, down Rs 54.60, or 1.22 percent.
It has touched an intraday high of Rs 4,543.25 and an intraday low of Rs 4,404.40.
It was trading with volumes of 6,391 shares, compared to its thirty day average of 249,185 shares, a decrease of -97.44 percent.
In the previous trading session, the share closed up 0.99 percent or Rs 44.00 at Rs 4,476.95.
The share touched its 52-week high Rs 6,133.00 and 52-week low Rs 2,706.00 on 04 January, 2022 and 26 March, 2021, respectively.
Currently, it is trading 27.87 percent below its 52-week high and 63.48 percent above its 52-week low.
Market capitalisation stands at Rs 26,933.51 crore.