On Friday, September 12, 2025, Jefferies reiterated a cautious stance on India’s IT sector, highlighting a preference for Coforge and Hexaware, while maintaining underperform ratings on Tech Mahindra and Wipro. The brokerage cut target prices across several large-cap IT names, citing a challenging demand environment and weak discretionary spending.
For TCS, Jefferies maintained a hold rating while cutting the target price to ₹3,230 from ₹3,480. At a current market price (CMP) of ₹3,125.20, this implies a modest upside of 3.4%.
On Infosys, Jefferies maintained a buy but trimmed the target price to ₹1,750 from ₹1,860. With CMP at ₹1,512.20, the revised target suggests an upside potential of 15.7%.
For HCL Tech, the brokerage maintained a buy but reduced the target to ₹1,680 from ₹1,850. With CMP at ₹1,468.30, the stock offers an upside of about 14.4%.
In contrast, Jefferies maintained an underperform rating on Wipro, cutting its target price to ₹220 from ₹235. Against CMP of ₹254.06, this reflects a downside risk of nearly 13.4%.
Similarly, on Tech Mahindra, Jefferies maintained underperform and cut the target to ₹1,315 from ₹1,400. With CMP at ₹1,520, this implies a downside potential of 13.5%.
Jefferies’ revised targets vs CMP
| Company | Call | CMP (₹) | Target Price (₹) | Upside/Downside (%) |
|---|---|---|---|---|
| TCS | Hold | 3,125.20 | 3,230 | +3.4% |
| Infosys | Buy | 1,512.20 | 1,750 | +15.7% |
| HCL Tech | Buy | 1,468.30 | 1,680 | +14.4% |
| Wipro | Underperform | 254.06 | 220 | -13.4% |
| Tech Mahindra | Underperform | 1,520 | 1,315 | -13.5% |
Disclaimer: The views and investment recommendations expressed in this article are those of Jefferies. Business Upturn does not endorse or recommend any investment decisions. Investors are advised to consult financial experts before making investment choices.
