Quess Corp gets its first ₹1,000 price target, sending the stock higher by 7% – CNBC TV18

Shares of Quess Corp Ltd. gained as much as 7% in early trading on Tuesday, December 17, after brokerage firm Antique Stock Broking became the first one to ascribe a price target of ₹1,000 for the staffing solutions provider.

Antique initiated coverage on the stock with a “buy” rating. The price target for Quess Corp implies a potential upside of 49% from Monday’s closing levels.

The brokerage wrote in its note that Quess Corp is a clear beneficiary of strong hiring trends across various segments.

The increased formalisation of India’s economy driven by labour reforms, a rise in the gig economy, capex push through PLI schemes, a higher thrust on manufacturing driven by China+1 strategy, low staffing penetration and opportunities in tier-II cities are some of the key growth drivers for Quess Corp, Antique wrote in its note.

Quess Corp may see its revenue grow at a Compounded Annual Growth Rate (CAGR) between 12% to 14% over financial year 2024 – 2027, according to the Antique note.

Out of the nine analysts that have coverage on Quess Corp, eight of them have a “buy” rating on the stock, while the other one has a “hold” rating.

Antique’s ₹1,000 price target on Quess Corp is followed by Phillip Securities’ ₹960 and IIFL Institutional Equities’ ₹940.

Shares of Quess Corp are trading 7.2% higher on Tuesday at ₹718. The stock has risen 38% so far in 2024, despite having corrected 18% from its recent peak of ₹875.