Mindtree share price: ICICI Securities downgrades stock to ADD (from BUY), price target Rs 1661
Mindtree share price: ICICI Securities says that potential for further margin surprise was the key rationale behind earlier BUY rating. Besides transient Covid-led tailwinds, Mindtree’s margin expansion was aided by sustainable and structural changes in costs. While ICICI Securities expected parity with the cost structure of LTI by FY23E, the convergence has happened earlier!.
ICICI Securities see limited margin of safety for disappointments given the favourable FY21 base. ICICI Securities downgrade Mindtree to ADD (from BUY): Reuters