Goldman Sachs has upgraded Mphasis to a ‘buy’ from ‘neutral’ and Mindtree to ‘neutral’ from ‘sell’ with a target price of Rs 3,465 and Rs 3,919 respectively.
According to Goldman Sachs, Mpahsis, within the IT names, is going to see the fastest growth over the next three years.
The firm has also forecasted a slowdown in both revenue and earnings per share (EPS) growth for Indian IT companies going forward. With the rising bond yields, the brokerage house expects the multiples to normalize.
Overall on IT, the firm has been very selective and has reiterated a buy on Infosys and Tata Consultancy Services (TCS) and a sell on L&T Infotech and on Wirpo.
Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.
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