Persistent Systems stock, Coforge shares: The rally in the stocks comes amid a deep correction in the broader market, BSE IT index and and NSE IT index, respectively. Shares of IT firms Persistent Systems Ltd and Coforge Ltd hit their record highs on Thursday. The rally in the stocks comes amid a deep correction in the broader market, BSE IT index and and NSE IT index, respectively.
Persistent Systems stock rose 2.5% to a fresh high of Rs 6708 in the current session against the previous close of Rs 6544.35 on BSE. Market cap of the firm rose to Rs 1.04 lakh crore. Later, the stock closed 2.45% higher at Rs 6704.65 on BSE.
The rally in these two mid-tier IT stocks came even as the BSE IT index closed 511 pts lower at 44731 today. The Nifty IT index also slipped 572 pts to end at 44,954.
IT stocks fell amid concerns over a strong dollar after the US Fed hinted at lesser rate cuts in 2025.
Additionally, there were worries that the healthcare segment, which has been the fastest-growing vertical for many IT firms, is likely to see some near-term uncertainty as Donald Trump in his second term is likely to bring many changes to US healthcare policy, thus affecting spending on healthcare.
Another IT stock Coforge also hit its record high of Rs 9670 today against the previous close of Rs 9470 on BSE. Later, the stock ended 1.98% higher at Rs 9657.90. Market cap of the firm rose to Rs 64,572.13 crore.
Persistent Systems price targets
Global brokerage CLSA expects the shares of Persistent Systems to reach up to Rs 8,462 mark. CLSA has assigned an ‘outperform’ rating to the stock.
Persistent Systems is operating in a different league on the back of a unique set of capabilities since there are multiple growth drivers and margin levers that are leading to higher estimates, said CLSA.
CLSA expects the firm to see a 21% US dollar sales compound annual growth rate (CAGR) (CAGR) over FY25-27. It has raised EBIT margin assumption for FY27 to 16.2% from 15.5% earlier.
Incred Equities has a hold call with a price target of Rs 6,863
The brokerage said beat and upgrade cycle of Persistent Systems to continue and greenshoots in hi-tech vertical could lead to higher revenue in FY26.
Incred Equities said the IT firm is on track to deliver the stated EBIT margin expansion in H2 and earnings revision is expected on the higher side.
It expects Revenue, EBIT, PAT CAGR over FY25-27F to come at 18%, 26% and 25%, respectively.
Coforge price targets
In case of Coforge, Motilal Oswal valued the IT firm organically at 40 times Sep’26E EPS versus 38 times earlier and values the Cigniti business at 25x Sep’26E EPS. It retained a ‘Buy’ rating on Coforge stock and raised the target price to Rs 10,000 per share.
Vinod Jhaveri, Independent Analyst, Pure Technicals is bullish on the outlook of the stock.
“Coforge closed at record high and saw superb momentum inspite of general market showing lot of weakness. The stock has potential to cross Rs 10,000 plus soon as momentum indicators on weekly time frame are looking aggressive. Investors holding should ride the rally in Coforge with trail stops,” said Jhaveri
Meanwhile, Sensex and Nifty ended lower for the fourth straight session on Thursday. Sensex slipped 964.15 points, or 1.20% at 79,218 and Nifty50 declined 247 points, or 1.02%, to end at 23,951.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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