Buy Persistent Systems, target Rs 825: Reliance Securities

Reliance Securities maintains a buy rating on Persistent Systems with a 12-month target price of Rs 825. "We see Persistent Systems as a bona-fide player in digital technology with strong capabilities in software product development," said the report.

The domestic brokerage firm expects the company's USD revenue and EPS to grow by 21 per cent, and 18 per cent CAGR respectively over FY16-18E factoring EBITDA% at 16.2 per cent, 18.4 per cent for FY17E/18E, respectively.