This multibagger stock rose by more than 140% in 2021, the brokerage firm also gave advice to buy
[ad_1]
Multibagger Stock: Shares of IT service provider Persistent Systems have given multibagger returns as it has risen over 140% so far this year (Year-to-Date) as against a nearly 180% rise in the one-year period Is. Brokerage and research firm Emkay has given ‘Buy’ rating on Multibagger stock.
Persistent Systems provides digital engineering and data and artificial intelligence products to the software, banking, financial services and healthcare sectors. The brokerage said the company has entered into a cash consideration agreement of $53 million to acquire Software Corporation International (SCI) and its affiliate Fusion 360 LLC.
The company has also signed another $6.87 million cash consideration agreement to buy certain assets from Shree Partners LLC USA and do business with its Indian subsidiary Shree Infosoft Pvt Ltd.
SCI brings domain consulting capabilities and expertise in payment solutions, integration and support services for major US banks. The acquisition of SCI and Fusion360 will help PSYS take advantage of the spurt in demand for payment modernization. “The cross-selling opportunities among existing customers and access to marquee logos augur well for revenue growth in the medium term,” Emkay said in a note.
However, considering the size of the deals, the brokerage does not expect any significant revision in its earnings estimates. It has given ‘Buy’ rating on the stock with a target price of Rs 3,700 per share.
Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. Anyone from ABPLive.com Also investing money is never advised here.)
Read also:
Multibagger Stock Tips: This stock did amazing in 45 days of listing, gave 120% return to investors
Multibagger Stock Tips: This share of Dolly Khanna has given 220% return in 2021, do you have it?
.
[ad_2]
