JP Morgan says Persistent overweight

JP Morgan has initiated coverage on Persistent Systems with an overweight rating and a target of 475 rupees per share.

JP Morgan expects the company to post revenue growth of over 20 percent over the next 2-3 years on the back of recovery in global spends,increased focus on select emerging growth areas and increased customer mining of its already strong customer profile. At 9:45 a.m. shares were up 1.1 percent at 417 rupees.