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3 years ago
RPT-MARKET EYE-India's MindTree falls; brokers downgrade on valuations
October 1, 2014 / 5:13 AM / 3 years ago

RPT-MARKET EYE-India's MindTree falls; brokers downgrade on valuations

(Repeats to additional subscribers with no changes to text)
* MindTree falls 0.5 percent on brokers' downgrades.
* Goldman Sachs cuts rating to "sell" from "neutral."
* Says current valuation "leaves hardly any room for the already
stretched expectations to disappoint."
* Credit Suisse downgrades to "neutral" from "outperform".
* Says "strong share price performance makes valuations rich."
* MindTree trading at 17 times 1-year forward earnings vs 16.2
times for rivals - Thomson Reuters Data.
* Stock up 54.6 percent in 2014 vs CNX IT index's 18.8
percent gain.

 (abhishek.vishnoi@thomsonreuters.com /
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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