Indegene shares saw a nearly 2% rise after IIFL initiated an ‘Add’ rating on the stock, setting a target price of ₹750, which implies a potential 8% upside from the current market price of ₹692. IIFL highlighted Indegene’s unique position in the life sciences digitization space, operating at the intersection of healthcare and technology.
IIFL expects Indegene to deliver a 12% CAGR in USD revenue and a 20% CAGR in EPS over FY24-27. However, the brokerage noted that near-term growth could be subdued due to challenges with large clients and the stock’s post-IPO rally.
As of 9:40 am, Indegene shares were trading 1.80% higher at ₹702.40 on the NSE.
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