Newgen Software’s shares surge 4% as Jefferies raises target price to Rs 1,740 on positive growth outlook

Shares of Newgen Software witnessed a 4 percent jump in early trade on December 4, following an upward revision of the target price by global brokerage Jefferies. Jefferies, while maintaining its ‘buy’ call, raised the target to Rs 1,740 per share from Rs 1,275 per share.

The brokerage expressed increased confidence in Newgen’s growth outlook and adjusted revenue estimates by 2-3 percent, along with a 2-4% increase in earnings per share (EPS). Jefferies anticipates a robust 26 percent EPS Compound Annual Growth Rate (CAGR) over FY24-26E.