Credit Suisse downgraded Tata Consultancy Services to 'neutral' from 'outperform' on Monday, saying all positives were priced in.
"Given its strong share price performance, and a high overweight in investor portfolio, we believe that the risk-reward is no more in our favour," it said in a note.
TCS shares are up 7.4% since the start of March.
Meanwhile, in an interview with CNBC-TV18 the company said that, it is expecting a decent growth in FY12 as the demand environment continues to be good. However, the management is concerned that margin improvement will be difficult from current levels.
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