Coforge Ltd saw a 2% decline in share price after global brokerage firm Morgan Stanley cut its target price to ₹9,400 from ₹11,500, while maintaining an ‘Overweight’ rating. As of 10:04 AM, the shares were trading 2.19% lower at Rs 7,465.00.
Despite the target revision, Morgan Stanley remains bullish on Coforge’s long-term potential, emphasizing its scalability and challenger mindset in the competitive IT services sector. The brokerage noted a polarization in revenue growth and valuation multiples, leading to the downward revision.
Coforge has been a strong player in digital transformation and high-growth IT segments, making it well-positioned for sustained expansion.
Coforge shares opened at ₹7,690.00, reaching a high of ₹7,740.05 and a low of ₹7,461.35 during the session. The stock remains significantly below its 52-week high of ₹10,026.80 but well above its 52-week low of ₹4,287.25.
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