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Mindtree stock closes over 7% higher on Credit Suisse upgrade

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 The stock of IT firm Mindtree rose over 7 percent on Monday after Credit Suisse upgraded the Bengaluru-based software developer on earnings growth outlook.At 3:20 pm, the stock was trading 7.24 percent or 37 points higher at 549 level on the BSE. Credit Suisse upgraded the firm’s stock rating to ‘Outperform’ from ‘Neutral’ and hiked target price to Rs 600 from Rs 460, implying a potential upside of 17 percent from Friday’s close.The brokerage said: Recent earnings were impacted due to revenue loss from some top clients and challenges faced by two acquired entities, Bluefin and Magnet. We believe that this is now behind them, leading to attractive EBIT and earnings growth.”Revenue challenges are behind as top clients seem stable. Bluefin grew in Q2 and Magnet appears to have bottomed out,” it said.The stock is up 6.4 percent on an year-to-date level and is trading 16.47 percent higher on an yearly basis.  

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