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This is an archive article published on October 18, 2011

Morgan Stanley upgrades Mindtree stock

Morgan Stanley upgraded Mindtree stock to 'overweight' from 'equal-weight'.

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Morgan Stanley upgraded Mindtree stock to ‘overweight’ from ‘equal-weight’ and maintained its target price of Rs 460 citing reasonable valuations and strong quarterly (Q2) results.

We expect Mindtree to continue to show margin improvement in (second half of 2011) and achieve full-year margin of 9.6 percent.

We expect strong revenue and earnings CAGR of 17 percent and 35 percent,respectively,over FY2011-13. We believe our earnings estimates could turn out to be conservative in the event of a stronger-than-expected revenue growth over the coming quarters,said Morgan Stanley.

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Mindtree reported 58 percent growth in consolidated net profit to 545 million rupees on Monday.

At 10 a.m. shares of Mindtree were at 404 rupees,up 4.9 percent.

Company INFO More on Mindtree

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