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Coforge shares recover from intraday lows as Motilal Oswal sees 73% upside; UBS stays 'neutral'Of the 39 analysts who have coverage on the Coforge, 30 have a 'buy' rating, three have a 'hold' rating and six have a 'sell' rating.By Shloka Badkar  March 23, 2026, 12:08:12 PM IST (Published)2 Min ReadShares of Coforge Ltd. recovered 2.5% from their intraday low as brokerages were positive on the stock after its recent correction.

While brokerage firm UBS initiated coverage on Coforge, Motilal Oswal has indicated an upside potential of up to 72.6%.

UBS

UBS has initiated coverage with a "neutral" rating on Coforge and has a price target of ₹1,240 per share, an upside potential of 13.8% from its previous close.

It said Coforge has consistently delivered strong growth, driven by execution, with organic growth between 13% - 15% over FY24-25.

UBS estimates the company's revenue to grow at a compounded annual growth rate (CAGR) of 15% over financial year 2026-2028.

Shares of Coforge have corrected 35% so far already in 2026, with the price-to-earnings growth ratio declining to 0.8 times, which UBS finds attractive.

However, it has some concerns:

Acquisitive nature of the company (concerns persist around dilution and integration).

Relatively weaker positioning for GenAI as per VECTOR framework.

Hence, UBS said it believes the risk-reward seems balanced as of now.

Motilal Oswal

Motilal Oswal has a "buy" rating on Coforge with a price target of ₹1,880 per share.

It said since the US-Iran conflict started, the stock has declined between 9%-10% and 45% from its peak. It has underperformed some of its midcap peers by 2%-9%.

Motilal Oswal said Coforge seems to have two disadvantages compared to its peers:

Relatively higher exposure to the travel vertical compared to its peers.

Middle East exposure.

Even so, the brokerage believes the stock is currently pricing in an extreme bear-case scenario.

At the current levels, Coforge's valuations appear attractive — at 19x and 15x the estimated financial year 2027 and financial year 2028 price-to-earnings.

Of the 39 analysts who have coverage on the Coforge stock, 30 have a 'buy' rating, three have a 'hold' rating and six have a 'sell' rating.

Coforge shares were trading flat at ₹1,090 apiece around 11.36 am on Monday. The stock has declined 15.5% in the past month and 34.6% in the last six months.

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