JPMorgan has reiterated its Overweight call on Coforge, increasing the target price to ₹9,300 per share from ₹6,900, indicating a potential upside of 32% from the current price of ₹7,025. The brokerage continues to view Coforge as a top pick in the IT services sector.
The increase in the target price is driven by the consolidation of Cigniti from Q2 FY25, with expectations that Cigniti will grow faster than Coforge’s organic business. JPMorgan also noted that the share-swap ratio could be lower than initially anticipated, and it expects earnings to increase by 15-20% over FY25-27E.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.
