New Delhi: Satyam Computer Services Ltd, India’s No. 4 software services exporter was raised to “outperform” from “neutral” by Credit Suisse Group.
Satyam and bigger rivals Infosys Technologies Ltd and Wipro Ltd also had their 12-month price targets raised by between 16% and 39%, citing margin resilience, better pricing and overseas demand.
“Strength in overall demand environment, traction with large clients and large deal wins should allow Infosys, Wipro, Satyam and Tata Consultancy Services to attain 33% to 38% year-on-year revenue growth,” analysts Bhuvnesh Singh and Sunil Tirumalai said in a note to clients.
Hyderabad-based Satyam’s price target was raised 39% to Rs625, from Rs450 earlier. Satyam fell Rs10.65 (2.3%), to 448.75 on the Bombay Stock Exchange on Friday.
Infosys, the country’s second largest software exporter, had its price target increased 16% to Rs2,675, from Rs2,300. CS maintained an “outperform” rating on Infosys. Infosys slipped Rs51.35 (2.2%) to Rs2,237.35 on Friday.
Wipro,the third largest software exporter, was maintained at “outperform” with its price target raised to Rs750, from Rs675 earlier.