Sharekhan is bullish on Tata Consultancy Services has recommended buy rating on the stock with a target price of Rs 1920 in its research report dated April 16, 2020.
Sharekhan's research report on Tata Consultancy Services
Revenue missed estimates owing to Covid-19 impact, while EBIT margin matched our expectations. Management expects peak negative revenue impact in Q1FY2021E as demand environment deteriorates significantly, which could be at the similar level of revenue decline during global financial crisis (GFC). We believe that revenue would plunge during H1FY2021E followed by gradual improvement in H2FY2021E. Expect normalized revenue growth in FY2022E.
We maintain our Buy rating on TCS with a revised PT of Rs. 1,920, given its strong business model.
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