Mindtree's growth trajectory is expected to lower following a stellar FY19 (year of revenue acceleration and margin expansion), as growth dichotomy between top account and residual business normalises. While Mindtree's inherent business strengths of strong digital, marquee accounts and exposure to high growth verticals are in place, leadership transition and sub-optimal costs are near term risks. We expect USD rev/EPS at 10/10% CAGR over FY19-22E and at CMP Mindtree trades at 15.6x FY21E EPS which bake in reasonable margin uptick in FY21E. We maintain NEUTRAL on Mindtree following a weak 1QFY20. Our TP of Rs 705 implies 14x Jun-21E EPS (vs. 16x earlier), with ~13% cut in est.