NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.Motilal Oswal ReportWe upgraded LTIMindtree Ltd. to Buy on July 18, 2024, following its Q1 FY25 Results. The nascent recovery in the U.S. BFSI was a key consideration, but our decision was also driven by LTIMindtree's superior offerings in data engineering and ERP modernization, along with its strong ecosystem partnerships. These factors position the company well for clients' next-gen and pre-GenAI spending. Since the upgrade, the stock has outperformed both the Nifty 50 index and Nifty IT index (LTIMindtree gained 11.0% versus ~2.5% for Nifty 50 and ~5.0% for Nifty IT). Going forward, we believe that the U.S. BFS recovery will remain a key monitorable, with clients resuming ‘high-priority' projects in this vertical (BFSI accounts for ~35% of the revenue). This, coupled with the resumption of ERP modernization projects, could catapult revenues higher for LTIMindtree. However, the margin expansion and churn at the top-level management remain key concerns to our thesis. We value LTIMindtree at 35 times Sep'26E earnings per share. We reiterate Buy with a target price of Rs 7,400, implying a 16% upside potential.Click on the attachment to read the full report:AU Small Finance Bank - On A Long Growth Runway: Motilal OswalDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.