TCS, Infosys, Wipro see price targets slashed by Jefferies as AI shift clouds outlook
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Foreign brokerage firm Jefferies has turned more cautious on Indian IT services stocks, revising its target prices for TCS, Infosys, HCLTech, Wipro and Tech Mahindra, while maintaining its preference for Coforge and HCL Technologies over larger peers. The rationale for the cautious view stems from what Jefferies calls “AI-led disruption” combined with a slower-than-expected revival in global tech spending. Jefferies continues to rate Wipro and Tech Mahindra as its least preferred picks, reiterating an “Underperform” call on both. Infosys and HCLTech have been rated “Buy”, while TCS is on “Hold”. The brokerage has lowered its price target for TCS to Rs 3,230 from Rs 3,480, citing valuation concerns despite the company’s leadership position. Infosys’ target price has been revised down to Rs 1,750 from Rs 1,860, though Jefferies has retained a “Buy” rating, indicating relative confidence in its ability to ride out current headwinds. HCLTech ...