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Investing.com - Jefferies has raised its price target on Coforge Ltd (NSE:COFORGE) to INR2,180.00 from INR2,030.00 while maintaining a Buy rating on the stock.
The updated valuation follows Coforge’s quarterly performance, which showed revenue growth of 6% quarter-over-quarter in constant currency, aligning with expectations. The company’s margin expansion of 80 basis points to 14%, along with healthy free cash flow conversion, exceeded analyst projections.
Jefferies highlighted that Coforge’s strong growth outlook, combined with management’s minimum margin guidance of 14% and free cash flow conversion of 75-80%, should address investor concerns about profitability and growth quality.
The investment firm has increased its estimates for Coforge by 2-5% and now expects a 20% earnings per share compound annual growth rate for fiscal years 2026 through 2028.
The new price target of INR2,180 is based on a price-to-earnings multiple of 34x, reflecting Jefferies’ continued confidence in Coforge’s business trajectory.
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