HCLTech shares surged nearly 5 percent following its June quarter earnings report, leading several brokerages to raise their target prices for the stock. Brokerages like Nomura, Kotak Institutional Equities, and Citi Research cited the company’s stable performance and in-line results as key factors.
As of 11:58 AM, HCLTech shares were trading 1.21% higher at ₹1,579.15 on the NSE.
Nomura has increased its target price for HCLTech to ₹1,720, Kotak Institutional Equities to ₹1,650, and Citi Research to ₹1,545. They highlighted the company’s net profit beat as the main reason for the target price hike. However, Citi maintained a ‘Neutral’ rating on the stock due to a 3.5 percent quarter-on-quarter decline in the Engineering and R&D (ER&D) segment and a weaker-than-expected total contract value (TCV) of $1.96 billion.
Brokerages emphasized that continued deal wins and efficient execution are necessary for HCLTech to drive future growth.
