Nomura reiterated its ‘Reduce’ rating on LTI-Mindtree with a target price of ₹5,070, reflecting a potential downside of 15.3% from the current market price of ₹5,987.60. The brokerage noted that the company’s Q3FY25 results modestly beat estimates in both revenues and margins.
However, Nomura highlighted near-term headwinds due to the pass-through of productivity benefits, which could impact growth. While the deal pipeline remains robust, the firm expects a slow margin recovery, requiring a sharp revival in growth for significant improvements.
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