MindTree Limited - MINDTREE will continue to feature in the sector’s top growth quadrant, supported by strong digital traction and robust contract booking trend. We believe Mindtree is a proxy to ride the digital wave, aided by the disproportionate share of growth from digital services and high digital revenue in the existing mix.The digital revenue share at 38%, with 39% growth in FY16, and digital TCV share at 65% are indications of digital-led growth ahead. Despite near-term vertical headwinds, we are confident on Mindtree compounding revenues over the next 2-3 years at >15%, catapulting it to the US$ 1-bn club by FY19E on organic basis.They expect 16.6/15.7% USD revenue growth in FY17/18E and forecast 20% earnings CAGR over FY16-18E. HDFC Securities maintain BUY by downgrading TP to Rs 775 based on P/E multiple of 15x FY18E earnings (implied PEG of 0.75x) for Mindtree. Trendlyne has 5 reports on MINDTREE updated in the last year from 2 brokers with an average target of Rs 787.5. Brokers have a rating for MINDTREE with 2 downgrades and 1 upgrade in past 6 months.