Key takeaways from Q1FY17 : USD revenue growth of 2.1% (1.1% in CC terms) – below expectations of 2.8%. Geographies: US (+3.3% qoq) and India (+13% qoq). EU declined by 3.8% qoq. Verticals: HI-Tech & Media grew by 4.4% qoq while BFSI and Retail grew by 4.1% qoq and 3.3% qoq. Travel declined by -6.7% qoq. Service lines: ERD grew by 2% qoq, Package implementation by 4.3% qoq and IMS by 7.3% qoq. Consulting and Maintenance declined by -1.8% qoq...Phillip Capital price target of Rs 600 (Rs 800 earlier) offers 2% downside. downgrade to NEUTRAL.Trendlyne has 6 reports on MINDTREE updated in the last year from 2 brokers with an average target of Rs 687.5. Brokers have a rating for MINDTREE with 1 downgrade,3 price downgrades and 1 price upgrade in past 6 months.