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Embedded product design company Tata Elxsi Ltd shares surged 7 per cent, their biggest single-day gain in a month.
Motilal Oswal has initiated coverage on the stock with a "buy" rating and a target price of Rs 1,300.
The brokerage believes Tata Elxsi has significant margin levers, which could provide further upside.
The company's revenue is expected to grow 16 per cent CAGR over FY15-17, and 26 per cent CAGR in profit after tax, Motilal said.
Embedded product development could be a massive opportunity, the brokerage said.
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