Shares of Coforge Limited rose nearly 3% on Tuesday, September 30, to trade at ₹1,583.90 on the NSE after global brokerage firms CLSA and Morgan Stanley maintained positive views on the IT services company.
CLSA initiated an “outperform” rating with a target price of ₹2,346, highlighting the company’s strong execution, incentivised leadership, and domain expertise in financial services and travel verticals, which contribute two-thirds of its revenue. The brokerage also forecasted FY26-28 revenue, EBIT, and EPS CAGRs of 15%, 16%, and 22%, respectively, citing Coforge’s strong order book and consulting-driven approach.
Meanwhile, Morgan Stanley maintained its “overweight” rating with a target price of ₹1,880, noting that Coforge’s share price is expected to outperform the country index over the next 60 days. It highlighted steady revenue growth, margin resilience in Q2 and H2, and limited downside risks to consensus EPS estimates. The firm also flagged potential for improved free cash flow margins and re-rating from current levels.
At the time of reporting, Coforge shares were up 2.95% or ₹45.40 at ₹1,583.90 on NSE.
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