Buy Cyient; target of Rs 690: ICICI Direct

ICICI Direct is bullish on Cyient has recommended buy rating on the stock with a target price of Rs 690 in its research report dated January 22, 2021.

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ICICI Direct’s research report on Cyient

Cyient Ltd (Cyient) reported a decent set of Q3FY21 numbers. The key highlight of the quarter was that the company has made some structural changes to the organisation which will enable the company to accelerate growth and improve profitability. The company has simplified the organisation which will realign its go to market strategy, will focus on large deals, process discipline and incentives to align employees for better sales productivity. We believe this will help improve revenue and margin prospects in longer run and will be key to re-rating of the stock.

Outlook

We maintain BUY with a revised target price of Rs 690 (14x P/E on FY23E EPS) (earlier target price was Rs440/share)

For all recommendations report, click here

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