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.
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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