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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal Financial Services has reiterated its 'Buy' rating on Coforge Ltd., and has set a target price of Rs 1900, implying a potential uspide of 30% from the current market price.
Motilal Oswal highlighted that Coforge continues to stand out among mid-tier IT companies, supported by its strong execution track record and improving positioning across key verticals. The brokerage expects the company to remain a growth leader within its coverage universe over the medium term.
Following the Analyst Day, the brokerage came away with the view that Coforge is attempting to evolve beyond a purely volume-led growth model. Management increasingly emphasised domain-led transformation programs, outcome-oriented commercial structures, and larger, proactive engagements across key verticals such as Banking (29% of revenue) and Travel (25% of revenue).
While the medium-term ambition appears achievable given the company's execution track record, sustained delivery will depend on successful large-deal conversion, integration of acquisitions and continued monetization of AIled opportunities.
Motilal Oswal continues to view Coforge as a structurally strong mid-tier player and reiterate it as our top pick.
The brokerage values Coforge at 26x FY28E earnings per share with a target price of Rs 1,900, implying a 30% potential upside, and reiterates Buy rating on the stock.
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