This multibagger IT stock has increased by 140% in 2021, brokerage estimates – will continue to rise further
Multibagger Stock: A large number of IT sector stocks have joined the stock giving multibagger returns in 2021. One such stock is Persistent Systems which has gained 207% in one year and has increased by 140% in this year (Year to Date). According to brokerage Emkay, this multibagger stock may rise further.
The brokerage said in a report on Monday, “Persistent Systems (PSYS) has seen a 5.6% CQGR in services revenue since Q1FY20 despite the Covid-19 disruptions, reflecting the early results of healthy demand and leadership growth for the company’s offerings. , the recalculated sales incentive structure and indicates strong execution.”
Among its coverage companies, Emkay is expected to lead the pack consistently in terms of organic revenue growth. The brokerage has retained ‘Buy’ rating for the stock with a target of Rs 3,700 per share.
PSYS broadly expects demand to remain strong over the next 3-5 years. The brokerage note said that the company is confident of maintaining the momentum of revenue growth due to broad-based demand, strong deal intakes, healthy deal pipeline and new additions.
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