New Delhi, March 3 -- Protean eGov Technologies shares have received a 'Buy' call from brokerage firm Anand Rathi on the back of expectations of strong growth potential. The beaten down small-cap stock declined as much as 5.5% on Monday.

Anand Rathi initiated its coverage on Protean eGov Technologies stock with a 'Buy' rating and a 12-month target price of Rs.1,665 apiece, based on 45x FY27 estimates. Protean eGov Technologies share price target implies an upside potential of around 30% from current market price.

The brokerage firm expects the company's earnings to compound at 22% CAGR over FY25-27e. It pencils in a sturdy 15% revenue CAGR over FY25-27e, driving consistent revenue growth.

Protean eGov Technologies operates primarily in...