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Citi initiated coverage on Hexaware Technologies (HEXW:IN) stock with a Buy rating on Thursday, setting a price target of INR980.00.
The research firm cited Hexaware’s solid management team, strong client relationships, healthy deal pipeline, and expansion into new geographic markets as key factors supporting the positive outlook.
Citi analyst Rajiv Berlia noted that "decent growth, stable margin outlook, cash generation and lower valuations vs. peers" underpin the firm’s preference for Hexaware, making it the only Buy-rated stock in the sector under Citi’s coverage.
The firm identified several potential catalysts for the stock, including consistent execution on growth with the revenue gap versus peers expected to narrow, sustained good cash conversion, and successful navigation of challenges with some top clients.
Hexaware Technologies stock has gained 8% over the past month amid a broader rerating in the sector, with Citi suggesting that "any near-term correction could make it relatively attractive."
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