MindTree Stock Price: There is a decline in IT stock MindTree in today’s business. In today’s business, MindTree has weakened by 5 percent to the level of 2,780. Whereas on Wednesday the stock closed at Rs 2901. The company released its quarterly results on Wednesday. Company’s profit on an annual basis […]
MindTree Stock Price: In today’s business, there is a decline in the IT stock MindTree. In today’s business, MindTree has weakened by 5 percent to the level of 2,780. Whereas on Wednesday the stock closed at Rs 2901. The company released its quarterly results on Wednesday. The company’s profit has increased by 37 percent year-on-year to Rs 472 crore. But the company’s PAT has weakened by 0.3 percent on a quarterly basis. The company’s revenue has increased by 36 percent on a yearly basis to 3121 crores. There was a 7.7 percent growth in revenue on a quarterly basis. After the quarterly results, the opinion of the brokerage house regarding the stock has been mixed.
Yes Securities
Brokerage house Yes Securities has given ADD rating on the stock of MindTree and has given a target price of Rs 3432. In terms of current price of Rs 2901, it can give more than 18 percent return. The brokerage says that the company’s quarterly results have been strong. Revenue and EBIT margins have been better than expected. Deal book is at all time high. Strong revenue is expected to come ahead. Attrition is high, but is expected to moderate going forward.
MK Global
Brokerage house Emkay Global has given BUY rating on the stock of MindTree and has given a target price of Rs 3400. The brokerage has increased the EPS estimates for FY23E, FY24E, FY25E by -0.1 per cent, 0.3 per cent and 0.4 per cent. kept.
ICICI Securities
Brokerage house ICICI Securities has given HOLD rating on the share of MindTree and has given a target price of Rs 2969. The brokerage says that the performance of the company has been strong on every front. QoQ CC growth is more than 5 percent for 6 consecutive quarters. Margins are better than expected. The company has got record deals on a quarterly basis. Hiring rate is high.
Motilal Oswal
Brokerage house ICICI Securities has given a neutral rating on MindTree’s stock and has given a target price of Rs 3020. The brokerage says that the focus of the management is on increasing revenue. The company will also get the benefit of getting a strong deal. The stock is currently trading at 20x FY24 EPS. Looking at this valuation, the uptrend in the stock is limited.
Global Brokerage Opinion
Brokerage house UBS has given ‘sell’ rating on the stock of MindTree and has given a target of Rs 2700. Giving ‘equal-weight’ rating, Morgan Stanley has set a target of Rs 4450. Nomura has given ‘Neutral’ rating on the stock and has given a target of Rs 2910. Giving an ‘underperform’ rating, brokerage house Jefferies has given a target of Rs 2490.
(Disclaimer: Stock investment advice is given by the brokerage house. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
