Thursday 13 November 2008

Buy 3i Infotech, target of Rs 58: PINC

PINC Research is bullish on 3i Infotech and has maintained buy rating on stock with a target of Rs 58, in its November 11, 2008 report, "At the CMP of Rs 43, 3i is trading at a P/E of 3.0x and EV/EBIDT of 3.8x its FY09 estimates. We believe that 3i’s exposure to the BFSI vertical, a leveraged balance sheet and its ability to fund new growth would continue to be concern areas in the coming quarters but we believe the recent de-rating of valuations factors in these concerns to a large extent. Hence, we believe that at current levels the stock offers value vis-a-vis growth rates and hence we maintain our ‘BUY’ recommendation with a 12 month price target of Rs 58," says PINC's research report.

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Source: Moneycontrol

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