Shares of Quess Corp Ltd. rose by as much as 7% in early trading on Tuesday, December 17, after brokerage firm Antique Stock Broking initiated coverage on the staffing solutions provider with a bullish price target of ₹1,000 per share. This target represents a potential upside of 49% from the stock’s closing price on Monday.
Antique Stock Broking gave Quess Corp a “buy” rating, citing several factors that make the company a key beneficiary of strong hiring trends across multiple sectors. The brokerage noted that labor reforms driving the formalization of India’s economy, a rise in the gig economy, manufacturing growth through PLI schemes, and the China+1 strategy are key growth catalysts for the company. Additionally, low staffing penetration and expanding opportunities in tier-II cities are expected to further boost the company prospects.
Antique estimates that Quess Corp revenue could grow at a Compounded Annual Growth Rate (CAGR) of 12% to 14% from FY24 to FY27. Among the nine analysts covering the stock, eight have a “buy” rating, with one recommending a “hold.”
The ₹1,000 price target from Antique is the highest among analyst estimates, with Phillip Securities targeting ₹960 and IIFL Institutional Equities placing their target at ₹940.
As of Tuesday, Quess Corp shares are trading 7.2% higher at ₹718. Despite an 18% correction from its recent high of ₹875, the stock has gained 38% so far in 2024.
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