Jefferies on Coforge : Buy, TP Rs 2230

Q2 revenues missed, while margins beat estimates. A 7% QoQ growth in executable order book, strong deal pipeline, and significantly improved margin outlook position Coforge well to deliver 14%/26% CAGRs in organic cc revenues/EPS. Strong earnings delivery can sustain stock outperformance even after its 56% rally over past six months Raise EPS estimates by 3-5%

COFORGE LIMITED

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