TCS’s three-session winning streak was halted on Thursday as the company slumped down close to 1% as the markets opened on Thursday.

What Happened: Analyst firm Citi maintained its ‘sell’ rating for the stock with a price target of ₹2,990 – around 12% downside from the stock’s last closing price of ₹3,389.70. The firm said that the company’s decision-making in Europe saw some delays and US aggregate outlook looks mixed for the coming months which could weigh on prices.

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However, the firm said the software giant has seen pricing improvements in some segments and looks to finish FY23’s last quarter with a 25% EBIT margin.

The company’s stock has slumped over 5% in the last month. But domestic brokerages have remained positive on the stock. Motilal Oswal and Geojit BNP Paribas have a buy rating on the stock as they see over 10% upside in the stock.

Price Action: TCS shares were down 0.88% to trade at ₹3,360 in the early hours of trading on Monday.

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