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Coforge share price rises 4% over JP Morgan’s ‘overweight’ call, 24% upside seen

Coforge share price today: Shares of Coforge Limited were up over 4 percent today (April 4). This comes after global brokerage firm JP Morgan initiated coverage of the stock with an “overweight” call as it cited consistent execution in sales and operating leverage. The brokerage assigned a price target of 7,000, an upside of 24 per cent from the last close of 5,662. In the past one year, the stock has surged 47 per cent and JP Morgan expects the firm to grow revenue at 13 per cent over FY24-26.

Coforge share price: At 9.26 am, the stock was trading at 5,795 on the National Stock Exchange, up 2.34 per cent from the previous close.

At 9.26 am, the stock was trading at 5,795 on the National Stock Exchange, up 2.34 percent from the previous close.

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The brokerage said in a note, “This places the company fastest among all large cap peers, and lags only Persistent Systems in our coverage.”

It also noted that the Coforge shares have fallen by over 12 percent in the past month and this could be a good time to buy the stock as the price is lower.

Earlier in January, Morgan Stanley started coverage on the company with an “overweight” call and said, “The company has strong potential to be driven by strong revenue growth and strong free cash flow conversion.”

The stock is up over 320 per cent in the last 5 years and has recovered over 48 per cent from its 52-week low of 3,753.85 which it hit in April 2023.

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