Nomura Financial Advisory and Securities has maintained 'Buy' on HCL Technologies with revised target price of Rs 1,030 as against current market price (CMP) of Rs 980 in its report.

Commenting on the investment rationale, Nomura said, ''We revise our target price to Rs 1,030 following the bonus issue at HCL Tech, which was effective Mar. 19, 2015. Our valuation methodology remains unchanged and our target price of Rs 1,030 is based on 16x 1-year forward EPS up to Dec-16 of Rs 64.4. We maintain our Buy recommendation.

To reflect the 1:1 bonus issue, our EPS estimates are now half of their previous values. There are no changes to our revenue/margin/net profit estimates. We look for USD revenue CAGR of 14% and EPS CAGR of 12% over FY15-17F.''

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