Tech Mahindra gains as global brokerages maintain upbeat stance on stock
The ratings have been reiterated after the company held an analysts’ call to discuss its financials.
Shares of Tech Mahindra are up over a per cent amid positive outlook from global brokerage houses such as Credit Suisse, Morgan Stanley and Jefferies. The ratings have been reiterated after the company held an analysts’ call to discuss its financials.
Credit Suisse has maintained the outperform rating on the stock with a target at Rs 925, while Jefferies asks investors to hold the stock at Rs 770.
Here is a gist of what brokerages are stating about the stock.
Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 925
Credit Suisse said that the stock has performed well, but the extent of positive surprises may not be as high in the future. Valuation at 14x FY20E P/E is not demanding.
Brokerage: Jefferies | Rating: Hold | Target: Rs 770
The global research firm believes that synergistic acquisitions that align with its growth objectives will continue. It cited management expectation of a significant revenue boost from 5g to come beyond FY20. It also said that acquisitions remain part of a key strategy, despite issues with some of the past ones.
Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 880
Morgan Stanley believes that EPS estimates are not at risk even after tweaking ` rate assumptions. Further, the company is expecting growth momentum of 8-10% YoY in the enterprise unit for FY20.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on Moneycontrol are their own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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