Mindtree Consulting
CMP: Rs 533.05
Target price: Rs 575
Morgan Stanley has upgraded its rating on Mindtree Consulting to ‘equal-weight’ from underweight, but lowered the price target for the stock to Rs 575 from Rs 625.
“In our view, MindTree is among the more promising mid-sized offshore IT services companies and offers some compelling business positives including a high-quality management team and good employee brand equity,” the Morgan Stanley note to clients said.
“We have always thought that growth expectations by the street were high for this stock and consequently valuations were rich. The stock is down nearly 30% in the past three months, and while we still do not view valuations as attractive, we do not see them as overly excessive either,” the note added.
CMP: Rs 533.05
Target price: Rs 575
Morgan Stanley has upgraded its rating on Mindtree Consulting to ‘equal-weight’ from underweight, but lowered the price target for the stock to Rs 575 from Rs 625.
“In our view, MindTree is among the more promising mid-sized offshore IT services companies and offers some compelling business positives including a high-quality management team and good employee brand equity,” the Morgan Stanley note to clients said.
“We have always thought that growth expectations by the street were high for this stock and consequently valuations were rich. The stock is down nearly 30% in the past three months, and while we still do not view valuations as attractive, we do not see them as overly excessive either,” the note added.
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