Nomura has maintained a Neutral rating on Tata Consultancy Services (TCS), revising the target price to ₹4,020, which reflects a potential downside of 0.59% from the current market price of ₹4,044.00.
The brokerage described TCS’s Q3FY25 performance as a mixed bag, with improvements in decision-making cycles and signs of discretionary demand picking up in CY25E. However, uncertainty around backfilling BSNL revenues and hazy growth visibility for FY26F remain concerns. Nomura also expects margin improvement in FY26F.
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