MINDTREE
23.11.2022 - CITI on Mindtree Maintain Sell CMP 3442.7 Target 4510
14.10.2022 - MS on Mindtree Maintain Equal-Weight CMP 3389 Target 3400
14.10.2022 - UBS on Mindtree Maintain Sell CMP 3389 Target 2950
14.10.2022 - Nomura on Mindtree Maintain Neutral CMP 3389 Target 3180
14.07.2022 - MS on Mindtree Maintain Equal - Weight CMP 2788 Target 4450
14.07.2022 - UBS on Mindree Maintain Sell CMP 2788 Target 2700
14.07.2022 - Jefferies on Mindtree Maintain Underperform CMP 2788 Taaret 2490
14.07.2022 - Nomura on Mindtree Maintain Equal-Weight CMP 2788 Target 2910
25.02.2022 - GS on Mindtree Maintain Neutral CMP 3566 Target 3919
24.02.2022 - Nomura on Mindtree Maintain Neutal CMP 3791 Target 4640
24.02.2022 - MS on Mindtree Maintain Equal Weight CMP 3791 Target 5100
24.02.2022 - GS on Mindtree Maintain Neutral CMP 3791 Target 3919
14.01.2022 - MS on Mindtree - Maintain Equal-Weight CMP 4760 Target 5100
14.01.2022 - CITI on Mindtree - Maintain Sell CMP 4760 Target 3650
14.01.2022 - GS on Mindtree - Maintain Sell CMP 4760 Target 4117
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4640(Prev Target 4480)
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4744
CITI ON MINDTREE : 14.07.2021
* MAINTAIN SELL TARGET: 2,215
* Citi maintains Sell call on Mindtree due to rich valuations
* Reported Good Q1, Revenue Ahead, EBITDA In-line & Bookings Healthy
* Cashflow Generation Was Weak In Q1
* Revise Estimates By 2-3% & Raise Multiple To 27x
* Client Concentration & Risk To Margins Are Key
* Valuations Appear Rich at Current Levels
GS ON MINDTREE : 14.07.2021
* MAINTAIN BUY TARGET: 2,863
* GS has a Buy rating on Mindtree with an expectation of 20.5% CC revenue growth in FY22
* Strong $ Revenue Growth Of 7.7% Led By Broad based Growth Across Verticals
• Orderbook Is At The Highest Ever
* Expect 20.5% CC Revenue Growth For Co In FY22
MS ON MINDTREE (CMP: 2,505) : 14.07.2021
* MS has an Overweight rating on Mindtree, but it says high multiples & limited EPS estimate upgrades limit absolute upside
* MAINTAIN OVERWEIGHT TARGET: 2,800
* Revenue Growth & Margin Stronger Than Expected
• Broadening Growth Profile & Improving Revenue Visibility Augur Well
* High Multiples & Limited EPS Estimate Upgrades Limit Absolute Upside
MACQUARIE ON MINDTREE : 27.05.2021
* MAINTAIN NEUTRAL TARGET: 2,000
* Macquarie is NEUTRAL on Mindtree, target at Rs2,000/sh
* Calibrated Approach On Geo Expansion, Vertical Addition Continues
* Mgmt Reiterated Guidance Of Double digit Rev Growth In FY22
MORGAN STANLEY ON MINDTREE : 27.05.2021
* Maintain Overweight, Target at Rs 2300/share
• Broad-basing of growth in medium term
• Building the next-gen delivery model
• Company confident on maintaining 20%+ EBITDA margins in FY22
• Expect Mindtree to be one of strongest growth companies
• Recovery in TTH vertical, continued strong tailwind
• Have assumed F22 margins in line with Q421 margins
MS ON MINDTREE : 27.05.2021
* MAINTAIN OVERWEIGHT TARGET: 2,300
* Morgan Stanley is OVERWEIGHT on Mindtree, target Rs 2,300/sh
• Positive Outlook On Top Client, & Growth Levers From New Verticals
• Co Confident On Maintaining 20%+ Margin Levels In FY22