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Mindtree update: Analysts upgrade target prices post stellar results

Mindtree update: Analysts upgrade target prices post stellar results

Last updated: 20 Jan, 2021 | 06:51 am

Mindtree update: Analysts upgrade target prices post stellar results

Global investment banking giants Goldman Sachs and Morgan Stanley have given positive commentaries on Mindtree post its Q3 results (Click here to read our analysis of Mindtree’s Q3 results). 

Key highlights 

  • Morgan Stanley has maintained an ‘equal-weight’ rating on the stock, however, it raised the price target to Rs 1,645  from Rs 1,440. Goldman Sachs reiterated a ‘buy’ rating with a target price of Rs 1,998.
  • Revenue growth recorded in this quarter has been the highest in over a decade and margins are at an 11 year high. 
  • Going forward, the company is confident of achieving industry-leading growth with 20%+ margins. Morgan Stanley believes that this margin benefit could be used to drive growth. Goldman Sachs expects margins to be at 17.5% over FY21-23.
  • Besides the above foreign firms, Motilal Oswal, Prabhudas Liladher and Emkay also raised their target prices. However, Kotak Institutional Equity has maintained a Sell rating with a target price of ₹1,580.
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