Prabhudas Lilladher has downgraded MindTree (MTCL) to 'Accumulate' from 'Buy' with target price of Rs 850 as against current market price (CMP) of Rs 791 in its report.

Commenting on the investment rationale, Prabhudas Lilladher said, ''We attended 'Analyst Day' at MindTree (MTCL) yesterday. The management continues to remain confident of growth, as strategies are laid out for new deals. The company sharpened focus on few verticals, geographies, services and must have account to get better RoI.

The focus of sales team is to bring must have accounts along with an eye on cross‐selling opportunities to the existing account, wherein delivery has strong focus on margin and quality.

We are downgrading MTCL to 'Accumulate' from 'Buy' as we see limited upside due to rich valuation.''

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