JP Morgan Upgrades Persistent Systems

JP Morgan upgraded Persistent Systems to Overweight from Neutral with a new PT of Rs4,100 suggesting 24% potential upside. Four key drivers that led to their upgrade include: 1) Co has a relatively defensiveportfolio with exposures to Software Tech, BFSI and Medical clients that arerelatively more resilient in a macro slowdown. 2) Co. has the highest exposure toUS-based clients who are relatively better placed on tech spends as opposed toEurope clients who have become cautious. 3) Co. derives the highest share ofrevenues in USD, which has been strengthening vs INR and could help itsearnings the most vs peers. 4) JP Morgan expects co to clock the highest earningsCAGR at 25% over FY22-25E. Additionally, Persistent System trades at a discount to midcap peers LTTS and LTI and at 26x 1yr fwd PE, JP Morgan sees this as an attractive entry point.

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