Jefferies has maintained its ‘Buy’ call on TBO Tek Ltd, while trimming its target price to ₹1,400, implying an upside of 31% from the current market price of ₹1,069.25 (as of April 11, 2025).
The brokerage has revised down EPS estimates by 5–11% and lowered the target multiple, citing concerns over a potential global economic slowdown and ongoing tariff tensions, which could weigh on outbound travel demand and sectoral earnings. However, Jefferies noted that aggregator platforms like TBO may remain relatively better positioned than peers in navigating these challenges.
Jefferies also flagged the company’s current strategy of prioritising growth over margins in the near term, which could pressure the earnings trajectory in upcoming quarters. Despite these headwinds, the long-term structural opportunity in the global travel aggregation space remains intact, it said.
Disclaimer: The above views are of the brokerage and not of the author or the publication. Please make any and every investment decision after consulting your financial advisor.
