Newgen Software share price rallies over 4% after Jefferies raises target
Newgen Software Technologies share price rallied over 4% on Monday after foreign brokerage firm Jefferies raised target price on the stock. Newgen Software shares gained as much as 4.16% to ₹1,474.00 apiece on the BSE.
Jefferies maintained a ‘Buy’ rating on Newgen Software Technologies and raised the target price to ₹1,740 per share, based on 35x PE, implying a PEG of 1.3x, from earlier ₹1,275.
The brokerage said it was more confident on Newgen’s growth outlook and raised its revenue estimates by 2-3% and EPS estimates by 2-4%.
“We expect Newgen to deliver a strong 26% EPS