NEW DELHI: With the global travel market rebounding sharply, and pandemic accelerating digital transformation in the travel industry, domestic brokerage IIFL Securities believes one of the largest Software as a Service (SaaS) players in India -- RateGain Technologies is poised to benefit from this. The brokerage in its coverage initiation report late last month said in a highly fragmented market, we believe RateGain Tech is well placed to increase its wallet share versus peers, as well as, in-house technology teams of enterprise customers, given its relationships with marquee clients, cross-selling opportunities, and innovative products. The brokerage has a buy call on the stock, with a target price of Rs 450, suggesting a 46 per cent upside from Thursday's close of Rs 308.20 on BSE.
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The stock, which listed in December 2021, currently trades 28 per cent below its IPO price of Rs 425 and 41 per cent below all-time high of Rs 525 thanks to the broader market selloff, and growing investor aversion to technology names. Global travel market research firm Phocuswright expects global travel bookings to reach $1,380 billion by 2024, and IIFL Securities sees RateGain as its direct beneficiary. "Further, a chunk of the spending is expected to go to third party players as large companies look to cut costs. The travel technology market also provides consolidation opportunities for integrated multi-offering SaaS vendors," the brokerage added. The brokerage has a buy call on the stock, with a target price of Rs 450, suggesting a 46 per cent upside from Thursday's close of Rs 308.20 on BSE.
my watchlist my news widget
The stock, which listed in December 2021, currently trades 28 per cent below its IPO price of Rs 425 and 41 per cent below all-time high of Rs 525 thanks to the broader market selloff, and growing investor aversion to technology names. "Further, a chunk of the spending is expected to go to third party players as large companies look to cut costs. The travel technology market also provides consolidation opportunities for integrated multi-offering SaaS vendors," the brokerage added. Global travel market research firm Phocuswright expects global travel bookings to reach $1,380 billion by 2024, and IIFL Securities sees RateGain as its direct beneficiary. First initiation on RateGain Tech suggests 45% upside for this recent debutant NEW DELHI: With the global travel market rebounding sharply, and pandemic accelerating digital transformation in the travel industry, domestic brokerage IIFL Securities believes one of the largest Software as a Service (SaaS) players in India -- RateGain Technologies is poised to benefit from this. "Further, a chunk of the spending is expected to go to third party players as large companies look to cut costs. The travel technology market also provides consolidation opportunities for integrated multi-offering SaaS vendors," the brokerage added. Global travel market research firm Phocuswright expects global travel bookings to reach $1,380 billion by 2024, and IIFL Securities sees RateGain as its direct beneficiary. The brokerage in its coverage initiation report late last month said in a highly fragmented market, we believe RateGain Tech is well placed to increase its wallet share versus peers, as well as, in-house technology teams of enterprise customers, given its relationships with marquee clients, cross-selling opportunities, and innovative products.
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