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Citigroup Downgraded Thinking tree The company said that Mindtree's business has stabilized, but still faces macro challenges, such as slowing global growth and the impact of coronavirus.

Moreover, the concentration of customers is still very high, and their stocks are trading at a higher price than similar mid-sized companies, which may be the price of flawless execution. According to estimates for the fiscal year 2020-21 (April to March), the stock's P / E ratio is 20 times, which is about 1.5 standard deviations higher than the five-year average. Citibank.

"We modified our aims "Given the stable business of the new CEO, the current price-to-earnings ratio is 18 to 18 times (previously 17 times), but the sale was downgraded due to higher prices," Citi said.

The brokerage has its target share price from Rs 875 to Rs 945. Mindtree fell 4.3% on to Rs 984.50 after Citi downgraded its rating.

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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...