Geojit Securities initiates a buy on Cyient, target price Rs 540

Geojit Securities has initiated a ‘Buy’ rating on Cyient with a target price of Rs 540. The brokerage said Cyient had recorded a stable revenue growth of 16% CAGR in the last five years from FY14. Further, the company is well positioned to provide services to aerospace vertical and also has prospects to expand its products to the defence segment, which currently accounts for only 5% of total revenue. Shares of the company closed at Rs 450, up 0.7%.