Citi has issued updated ratings and target prices for several IT sector stocks, reflecting adjustments based on recent performance and expectations. Here’s a detailed breakdown:
Changes in IT stock targets by Citi
- Coforge stock: Citi maintains its Sell rating but raises the target price from ₹6,720 to ₹7,790.
- LTIMindtree stock: The Sell rating is maintained, with the target price revised downward to ₹5,460 from ₹5,710.
- HCL Tech stock: Maintains a Neutral stance, with the target price lifted to ₹1,915 from ₹1,815.
- LTTS stock: Retains the Sell recommendation, with the price target reduced to ₹4,500 from ₹4,860.
- Mphasis stock: The Sell rating remains, with the target price slightly adjusted to ₹2,720 from ₹2,725.
Updated IT stock targets continued:
- Infosys stock: Citi keeps its Neutral rating and raises the target price to ₹2,035 from ₹1,965.
- Persistent Systems stock: Maintains its Sell rating with a revised target of ₹4,840, up from ₹4,220.
- Wipro stock: Citi retains its Sell stance and increases the target price to ₹280 from ₹250.
- TCS stock: The Sell rating continues, with the target price adjusted to ₹3,950 from ₹3,935.
- Tata Tech stock: The Sell recommendation persists, with the target price revised to ₹836 from ₹900.
Citi’s analysis reflects recalibrated expectations for revenue growth, client spending trends, and forex dynamics, which have influenced the revised ratings and target prices.
