Morgan Stanley has maintained an “Equal-weight” rating on HCL Technologies, with a target price of ₹1,970. The brokerage highlights that the management’s commentary on the demand environment remains balanced, with a focus on delivering profitable growth.
HCL Tech’s qualified pipeline has reached an all-time high, and the order book remains steady despite consistent deal wins. The company is prioritizing pricing competitiveness to secure large deals while keeping its delivery systems robust.
The brokerage also pointed out that approximately 80% of HCL’s US-based workforce does not rely on visa requirements, mitigating risks from potential changes in US visa regulations. Additionally, HCL has ramped up its nearshore delivery centers, which further reduces dependency on US labor policies.
Morgan Stanley remains neutral on the stock, citing stable demand and a commitment to profitability as key drivers for the company’s medium-term outlook.
