Top Idea Pick! KR Choksey Picked Midcap IT Stock To Buy For 36% Gains

KR Choksey, a leading brokerage firm, in its March 2023 edition of Top Idea Picks has assigned a "Buy" on Happiest Minds Technologies Ltd. (HAPPSTMN). The brokerage suggests buy the stock of HAPPSTMN with a target price of Rs 1,159 apiece. It claims a potential upside of up to 36% from its current level. It is a leading Internet Software & Services sector midcap cap stock having a market capitalisation of Rs 12,539.94 crore. Check below to know more:

Stock Performance, Returns and 52 Week Low/High

The stock of HAPPSTMN last traded at Rs 853.85 apiece on NSE. It is currently trading 8.69% up from its 52 week low of Rs 785.55 apiece. Its 52-week high is Rs 1,224.45 apiece. The stock was listed on 17 September 2020, according to NSE.

Since its date of listing it has gained 130.18%. However, it has fallen 0.85% in 1 week and gained 1.7% in 1 month. It has fallen 13.38% in 3 months and 13.5% in 1 year, respectively.

 

Buy for a target price of Rs 1,159 apiece

According to the brokerage, Happiest Minds is currently trading at a valuation with a P/E multiple of 51.8x / 46.1x on FY23E/FY24E earnings. "We expect strong deal momentum across verticals, a full focus on digital business, especially in the analytics and cyber security segment along with clients centric approach which will aid growth over the near term in future. We maintain our target price to INR 1,159 based on a P/E multiple of 63x to the FY24 estimated EPS of INR 18.4; hence we have kept our target price with a "BUY" rating," the brokerage has said.

About - Happiest Minds Technologies Ltd.

Happiest Minds Technologies Ltd. (HAPPSTMN) is a technology service provider to clients focused on digital transformation. It delivers services across various sectors such as Retail, Edutech, Industrial, BFSI, Hi-Tech, Engineering R&D, Manufacturing, Travel and Media & Entertainment.

Disclaimer

The stock has been picked from the brokerage report of KR Choksey. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.