Mphasis' (MPHL) strong core performance in a seasonally weak quarter (5.3% QoQ US$ revenue growth in HP/DXC and direct channel businesses) was overshadowed by a sharp drop in Digital Risk revenues for Q3FY19. EBIT margins at 15.8% beat estimates this coupled with a favourable hedging position leads us to raise FY20/FY21 EPS forecasts by 5%/2%. We concurrently lower our target P/E to 17x from 18.5x due to risks of higher costs...