Emkay Global Financial has initiated coverage on Sonata Software (SSOF) with a "BUY" rating and a target price of Rs 780, citing a strong revenue growth trajectory in its International IT Services business, which has seen a ~26% CAGR from FY21-24. Despite recent moderation in growth, an anticipated rebound in demand, particularly in discretionary spending in CY25, is expected to enhance SSOF's medium-term prospects. The management aims for a revenue run-rate of USD 1.5 billion by FY27E, with a focus on improving EBITDAM in the low 20s.