Mindtree on Tuesday reported an over 8% rise in the June quarter profit on a sequential basis to Rs 343.4 crore and revenues rose 8.6% sequentially to Rs 2,291.7 crore.
YES Securities has maintained an add rating on Mindtree with a target price of Rs 2,735. Edelweiss has maintained a buy rating, revising its target price to Rs 2,821 from Rs 2,850. ICICIdirect Research has upgraded the stock to buy from hold with a target price of Rs 3,065.
“Mindtree has been able to maintain strong growth in the past few quarters better than many of its peers. We expect this strong performance to continue in the near to medium term as the company continues to see strong momentum in digital and cloud related bookings,” said Antique Stock Broking, raising target price to Rs 3,100 from Rs 3,000.
Emkay Global has maintained a sell recommendation on the stock with a revised target price of Rs 2,200 owing to rich valuations and anticipated pressure on margins. Kotak Institutional Equities also believes the earnings before interest and taxes margin is unsustainable and valuations are rich. The brokerage has maintained sell but raised target price to Rs 1,900 from Rs 1,620. Investec has maintained a sell rating as well and raised target price to Rs 1,970 from Rs 1,770.
