CLSA has upgraded Tata Consultancy Services (TCS) to Outperform (O-P) while raising its target price to ₹4,546. The upgrade comes as the brokerage identifies multiple growth vectors for the IT giant, including an improving demand environment and significant potential from AI-driven opportunities.
Despite a dismal Q3 performance in terms of growth and margins, the sharp pick-up in its order book and improving demand commentary offer strong prospects ahead. CLSA also notes that TCS’s valuation looks attractive compared to its 5-year average.
At the current market price of ₹4,044.00, the revised target implies an upside of approximately 12.43%.
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