Morgan Stanley remains 'Overweight' on MindTree

Morgan Stanley has remained 'Overweight' on MindTree and set a new price target of Rs 765.

The stock has strongly outperformed this year - up 56% versus the 6% gain in the Sensex 6%.

Over the past few quarters, MindTree has continued to surprise positively and delivered earnings ahead of expectations, leading to increased estimates.

The stock is currently trading at 9-10x Citi's revised estimates versus earnings CAGR of 15% over F12-14e.