Citi Downgrades Satyam Computers Services (SAY) to Sell
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Citi downgrades Satyam Computers Services (NYSE: SAY) from Buy to Sell.
Citi analyst says, "Downgrade to Sell; cut target price to Rs170 - (a) Cash at ~30% of market cap was a support to valuations; (b) Cash helps in getting business in difficult times; (c) Unrelated diversification will raise questions on management focus; (d) Infra/real estate businesses have been derated significantly in recent past - Satyam has paid ~1.6x FY08 revenues for Maytas Infra (based on SEBI guidelines) - mid cap construction stocks trade at 0.4x FY08 revenues."
Satyam Computer Services Limited (Satyam) is a global information technology (IT) services provider, offering a range of services, including systems design, software development, system integration and application maintenance.
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