Multibagger IT stock overbought on charts but clocked flat returns this year, what's next?
The stock is trading near record high of Rs 2,003.59 reached on December 30, 2024. The multibagger stock fell to a 52 week low of Rs 1060.22 on June 27, 2024.
- Jun 27, 2025,
- Updated Jun 27, 2025 11:37 AM IST
Shares of multibagger IT stock Coforge (formerly listed as NIIT Technologies) have delivered flat returns this year. Coforge stock could rise just 0.35% this year and gained 2.23% in six months. Coforge shares are trading near their record high of Rs 2,003.59 reached on December 30, 2024. The multibagger stock fell to a 52 week low of Rs 1060.22 on June 27, 2024.
Coforge stock is overbought on charts with a RSI of 71.5. This means the IT stock has more buyers than sellers in the current session.
In the current session, the IT stock rose 2.23% to Rs 1930 on BSE. Market cap of the firm stood at Rs 64,500 crore. A total of 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 4.52 crore.
Coforge shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages, which indicates the momentum was bullish both in the long and short term.
Global brokerage JP Morgan has an 'Overweight' rating on the IT stock. It set a target price of Rs 2,080. Coforge's management remains optimistic, untroubled by macroeconomic challenges affecting peers, and foresees robust growth in FY26, excluding the Sabre deal impact.
JP Morgan noted that Coforge was poised for significant growth in FY26, with the first half expected to perform well and the second half promising even better results.
The strategic initiatives, including proactive deal-making and margin improvement, position Coforge advantageously within the IT sector, it added.
MOFSL has a buy call on the stock with a price target of Rs 2,200. The brokerage said the executable order book has set the floor for a solid FY26.
It sees Coforge as a structurally strong mid-tier player well-placed to benefit from vendor consolidation/cost-takeout deals and digital transformation. The brokerage also mentioned Cigniti could also prove to be an effective long-term asset. It values Coforge at 38 times estimated FY27 EPS.
Midcap IT firm has reiterated its plan to clock $2 billion in revenue by FY27, led by strong organic growth and cross-selling opportunities arising from the Cigniti acquisition.
The company has an executable order book of approximately $1.5 billion, rising 47 per cent year-over-year, which offers near-term revenue visibility. The Coforge management anticipates that organic growth in FY26 will exceed FY25 levels.
Both the BFSI and transportation verticals continue to serve as key growth drivers, each posting over 20 per cent YoY growth in FY25, despite a tough macroeconomic backdrop.
Coforge Limited is an India-based information technology (IT) solution company. It is engaged in the in-application development and maintenance, managed services, cloud computing and business process outsourcing. The Company provides computer programming consultancy and related activities.
Shares of multibagger IT stock Coforge (formerly listed as NIIT Technologies) have delivered flat returns this year. Coforge stock could rise just 0.35% this year and gained 2.23% in six months. Coforge shares are trading near their record high of Rs 2,003.59 reached on December 30, 2024. The multibagger stock fell to a 52 week low of Rs 1060.22 on June 27, 2024.
Coforge stock is overbought on charts with a RSI of 71.5. This means the IT stock has more buyers than sellers in the current session.
In the current session, the IT stock rose 2.23% to Rs 1930 on BSE. Market cap of the firm stood at Rs 64,500 crore. A total of 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 4.52 crore.
Coforge shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages, which indicates the momentum was bullish both in the long and short term.
Global brokerage JP Morgan has an 'Overweight' rating on the IT stock. It set a target price of Rs 2,080. Coforge's management remains optimistic, untroubled by macroeconomic challenges affecting peers, and foresees robust growth in FY26, excluding the Sabre deal impact.
JP Morgan noted that Coforge was poised for significant growth in FY26, with the first half expected to perform well and the second half promising even better results.
The strategic initiatives, including proactive deal-making and margin improvement, position Coforge advantageously within the IT sector, it added.
MOFSL has a buy call on the stock with a price target of Rs 2,200. The brokerage said the executable order book has set the floor for a solid FY26.
It sees Coforge as a structurally strong mid-tier player well-placed to benefit from vendor consolidation/cost-takeout deals and digital transformation. The brokerage also mentioned Cigniti could also prove to be an effective long-term asset. It values Coforge at 38 times estimated FY27 EPS.
Midcap IT firm has reiterated its plan to clock $2 billion in revenue by FY27, led by strong organic growth and cross-selling opportunities arising from the Cigniti acquisition.
The company has an executable order book of approximately $1.5 billion, rising 47 per cent year-over-year, which offers near-term revenue visibility. The Coforge management anticipates that organic growth in FY26 will exceed FY25 levels.
Both the BFSI and transportation verticals continue to serve as key growth drivers, each posting over 20 per cent YoY growth in FY25, despite a tough macroeconomic backdrop.
Coforge Limited is an India-based information technology (IT) solution company. It is engaged in the in-application development and maintenance, managed services, cloud computing and business process outsourcing. The Company provides computer programming consultancy and related activities.