Citi has maintained a sell rating on L&T Technology Services (L&T Tech), lowering its target price to Rs 4,860 from Rs 4,895, indicating an 8.73% downside from the current market price of Rs 5,325.00. The brokerage pointed to challenges in meeting revenue guidance for the second half of the fiscal year, despite management’s confidence in quarter-on-quarter (QoQ) revenue and margin growth in Q3.
Citi also noted that while deal wins and better seasonality could help, the ask rate for the second half of the year looks challenging, even at the lower end of management’s guidance.
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