Maxim Group analyst Allen Klee initiated coverage with a Buy rating on Sify Technologies Limited (SIFY) today and set a price target of $4. The company’s shares opened today at $1.33, close to its 52-week low of $1.15.
“Economic growth in India and a shift toward a digital economy provides a tailwind for Sify’s data center, telecom network, and IT services offerings.”
According to TipRanks.com, Klee is a 1-star analyst with an average return of -5.2% and a 43.2% success rate. Klee covers the Technology sector, focusing on stocks such as Atlantic Tele-Network, Net 1 Ueps, and Stampscom.
Sify Technologies Limited has an analyst consensus of Moderate Buy, with a price target consensus of $4.
Based on Sify Technologies Limited’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $3.58 million. In comparison, last year the company had a net profit of $3.14 million.
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Sify Technologies Ltd. engages in the provision of integrated Internet, network, and electronic commerce services in India. It operates through the following segments: Telecom-centric Services, and Data Center-centric Information Technology Services.