Investec raises TCS stock price target, maintains Sell By Investing.com
On Friday, Investec (LON:) analyst Nitin Padmanabhan adjusted the price target for Tata Consultancy Services Ltd. (NS::IN) to INR3,690 from INR3,652, while reiterating a Sell rating on the stock. The revision follows TCS’s reported earnings, which fell short of revenue expectations by 0.5% in constant currency (CC) and 1.5% in U.S. dollar terms.
Padmanabhan noted that international markets, contributing 90% of TCS’s revenue, have been stagnant when looking at the trailing twelve months (TTM). The company’s growth has been predominantly fueled by its operations in India, most notably the Bharat Sanchar Nigam Limited (BSNL) deal. Management has indicated that the BSNL deal, worth over $1 billion, will start to diminish in value by the…
