Coforge shares rose over 2% after Nomura maintained its ‘Buy’ rating on the stock, raising the target price to ₹8,480, indicating a 12.2% upside from the current market price (CMP) of ₹7,555.45. Nomura expects double-digit revenue growth for FY25, driven by strong order visibility and headcount additions.
Other brokerages also weighed in, with JPMorgan increasing its target to ₹9,600, projecting a 27.1% upside, while HSBC raised its target to ₹8,200, citing strong Q2 results and potential synergies from the Cigniti acquisition.
As of 9:48 am, Coforge shares were trading 1.86% higher at ₹7,698.75 on NSE
- JPMorgan has maintained an overweight rating and increased the share price target to ₹9,600, indicating a 27.1% upside from the current market price (CMP) of ₹7,555.45. The brokerage expects strong growth momentum to continue, driven by Cigniti’s performance and margin expansion by mid-November.
- HSBC has maintained a buy rating, raising its target to ₹8,200, indicating an 8.5% upside. HSBC is positive on Coforge’s Q2 results and sees strong revenue and margin growth ahead, along with synergies from Cigniti’s integration.
- Citi has taken a cautious stance, maintaining a sell call with a target of ₹6,720, suggesting an 11.1% downside from the CMP. Citi acknowledged the company’s broad-based growth but remains wary of future growth prospects.
- Nomura maintained its buy call, raising the target to ₹8,480, implying a 12.2% upside. The brokerage anticipates double-digit revenue growth for FY25, driven by strong order visibility and headcount additions.
As of 9:48 am, Coforge shares were trading 1.86% higher at ₹7,698.75 on NSE.
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Coforge