Credit Suisse downgrades TCS to 'neutral'

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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