We revise FY19/20E EPS higher by 3/7%, and upgrade the recommendation to BUY with a TP of Rs 650, 16x (13x earlier) Dec-18E EPS (15.5x 5 year average). We met the management of Mindtree for an update on the company. We believe that business challenges have bottomed out. We expect a revival in both growth and margins, based on (1) An improvement in client budgets, deal pipeline and win-rates (pipeline 20% higher and ~30% win-rate), (2) Multiplicity of service offerings and partnerships, supplementing growth in digital (highest share amongst peers at 43% of rev, with an increasing deal size), (3) Stability in acquisitions with G&A; leverage, and (4) No major price cuts from large accounts expected in the near future.