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TATA CONSULTANCY SERVICES
TARGET PRICE: Rs.1240
RECOMMENDATION: BUY
INVESTMENT RATIONALE
Management commentary reflects greater optimism, likely on the back of
strong pipeline and better deal flow.
Management has seen continued revival in discretionary spends as well
as in cost efficiency initiatives, which is encouraging.
The broad based nature of growth lends a degree of stability to the
revenues, we believe.
Realisation increases may continue, if demand sustains, we opine.
We have accorded valuations which are similar to Infosys, noting the
improved demand scenario, out-performance on revenue growth and the
company’s ability to restrict impact on margins.
RISKS & CONCERNS
A delay in recovery of major user economies may impact our projections.
A sharp appreciation of rupee beyond our assumed levels may impact
our earnings estimates for the company
Click link below for FULL List
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
TATA CONSULTANCY SERVICES
TARGET PRICE: Rs.1240
RECOMMENDATION: BUY
INVESTMENT RATIONALE
Management commentary reflects greater optimism, likely on the back of
strong pipeline and better deal flow.
Management has seen continued revival in discretionary spends as well
as in cost efficiency initiatives, which is encouraging.
The broad based nature of growth lends a degree of stability to the
revenues, we believe.
Realisation increases may continue, if demand sustains, we opine.
We have accorded valuations which are similar to Infosys, noting the
improved demand scenario, out-performance on revenue growth and the
company’s ability to restrict impact on margins.
RISKS & CONCERNS
A delay in recovery of major user economies may impact our projections.
A sharp appreciation of rupee beyond our assumed levels may impact
our earnings estimates for the company
Click link below for FULL List
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