Morgan Stanley has maintained its underweight (UW) rating on L&T Technology Services (L&T Tech) with a target price of Rs 4,730, implying a potential 11.18% downside from the current market price of Rs 5,325.00. The company’s second-quarter results missed expectations, though management’s commentary was constructive regarding the deal pipeline and growth across verticals.
L&T Tech has maintained its revenue and margin guidance for FY25, but Morgan Stanley highlighted that the ask rate to meet both targets has increased, with limited upside triggers in the near term.
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