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Buy TCS, target of Rs 550: Motilal Oswal
Posted on: March 21st, 2009 and is filed under Brokerage Recommendations.
Motilal Oswal has maintained its buy rating on Tata Consultancy Services with a target price of Rs 550 in its March 12, 2009 research report. “We have revised our estimates to factor in project cancellations, adverse cross currency impact and revised INR/USD assumptions. Our INR/USD assumptions for FY10 have changed from Rs 45.6 to Rs 49.6. We model 3% volume growth and 6% pricing decline for TCS in FY10. USD revenues including CGSL are expected to rise 0.7% in FY10 (down 2.4% ex-CGSL). We cut our FY10 EPS by 6.3% to Rs 52.9 (from Rs 56.5 earlier). Stock trades at 9x FY10E earnings. Maintain ‘Buy’ with a target price of Rs 550 (upside of 16%),” says Motilal Oswal’s research report.
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