Wednesday, 12 November 2008

Buy TCS, target of Rs 682: KRChoksey

KRChoksey has maintained its buy rating on Tata Consultancy Services, TCS with a target of Rs 682 in its report on October 22, 2008. "We continue to maintain our POSITIVE view on TCS due to pricing stability, strong deal pipeline and volume expansion. We believe that offshoring of IT services will continue to grow as the company leverages on M&A opportunities that emerge from the global environment. At the CMP of Rs 546, TCS is trading at 10.4x its TTM earnings and 9.8x FY09E EPS of Rs 55.9. We maintain a BUY on the stock with a target price of Rs 682. At the target price the stock would be valued at 12.2x FY09E EPS of Rs 55.85 and 10.1x FY10E EPS of Rs 67.32 implying an upside potential of 24.9%, " says KRChoksey's research report.

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Source: Moneycontrol

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