Morgan Stanley has maintained an ‘Overweight’ rating on Coforge, but has reduced its target price to ₹9,400 from ₹11,500, indicating a potential upside from the current market price of ₹7,630.90 (as of March 11).
The brokerage remains positive on Coforge’s scalability potential, citing its challenger mindset in the IT sector. However, it highlighted polarization in revenue growth and valuation multiples, which has led to a downward revision in the target price.
Despite the target price cut, Morgan Stanley sees long-term growth potential for Coforge, driven by its strong positioning in high-growth IT segments and digital transformation initiatives.
Disclaimer: The above stock recommendations are based on brokerage reports and do not constitute financial advice. Investors are advised to conduct their own research before making investment decisions.
