Motilal Oswal keeps buy on Coforge, assigns ₹2,200 target
Motilal Oswal is sticking with its "Buy" rating on Coforge shares, setting a target price of ₹2,200, about 19% higher than current levels.
This call comes right after some big leadership changes at Coforge, triggered by an internal audit of the Board Evaluation Exercise that identified gaps in how the evaluation findings were circulated and presented to the board.
Coforge: Bhatt and Singh resign
A KPMG audit found that important feedback about the board's performance wasn't shared with everyone.
Some reports were kept just between the chairman and NRC chairperson. It turns out the chairman's low performance rating was even hidden on purpose.
After this came to light, both Non-Executive Independent Chairman O. P. Bhatt and Independent Director and NRC Chairperson D. K. Singh stepped down earlier this month, and Vivek Sharma has stepped in as interim chairman.
Despite all this drama behind the scenes, analysts still see good growth ahead for Coforge.