Buy TCS; target of Rs 3100: P Lilladher

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Prabhudas Lilladher's report on Tata Consultancy Services (TCS)

"According to management of TCS, Q4FY15 witnessed slow pick-up in momentum in Jan-Feb month compared to the expectation of acceleration in momentum. In terms of verticals, BFS is expected to be in line, while Retail, Telecom and Manufacturing are expected to do better than company average. Challenges in Insurance (incl. Diligenta) are more broad-based. Falling crude prices accelerated weakness in Energy vertical, and Telecom continues to be volatile (growth in Europe & weakness in Emerging Market). In terms of geography, not much change is expected. Europe (ex UK) to grow stronger than other geographies. We don’t expect downward revision in earnings for FY16 and FY17 despite near-term challenges. Retain our “BUY” rating, and revise TP to Rs 3,100 (from Rs 2,950)", says Prabhudas Lilladher research report.

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