Mindtree's growth trajectory has lowered following the management/promoter transition and significant deceleration in top account (a key growth driver). While Mindtree's inherent business strengths of strong digital practice (front-end), marquee accounts and exposure to high growth verticals are in place, leadership transition, modest growth in digital and large account volatility are near term risks. We expect USD rev/EPS at 10/11% CAGR over FY19-22E and at CMP Mindtree trades at 15.5x FY21E EPS. We maintain NEUTRAL on Mindtree following an in-line 2QFY20. Recovery in BFSI and operating trajectory is offset by volatility in large accounts/attrition spike. Our TP of Rs 760 implies 14x Sep-21E EPS.