Macquarie upgrades MindTree, citing improving U.S. tech spending

Reuters

Reuters Market Eye - Macquarie upgrades MindTree Ltd (NSI:MINDTREE) to "outperform" from "neutral" and raises its target price to 1,250 rupees from 970 rupees, citing improving technology spending in the United States and revised USD/INR assumptions.

The investment bank says technology spending is set to accelerate in the U.S. market and IT services from which the company derives nearly 70 percent of its revenues are going to benefit from it.

Macquarie also increases its FY14/15 earnings estimates for MindTree by 12/24 percent respectively to account for changed USD/INR estimates.

(Reporting by Abhishek Vishnoi)

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