Last Updated : Sep 18, 2018 05:00 PM IST | Source:

Hold Tata Consultancy Services; target of Rs 2060: ICICI Direct

ICICI Direct recommended hold rating on Tata Consultancy Services with a target price of Rs 2060 in its research report dated July 11, 2018.

Broker Research @moneycontrolcom
  • bselive
  • nselive
Todays L/H

ICICI Direct's research report on Tata Consultancy Services

Constant currency (cc) revenues grew 4.1% QoQ above our estimate of 3.5% QoQ. US$ revenues grew 1.6% QoQ to $5,051 million, below our 2.5% QoQ growth and $5,095.2 million estimate on account of higher than expected cross currency headwind of 250 bps Rupee revenues grew 6.8% QoQ to | 34,261 crore, above our 6.4% growth expectations of | 34,142.9 crore estimate


We upgrade our EPS estimates by 5-6%. However, with stock rallying by ~40% in last 6 months, current valuation (~21.5x FY20E EPS) offers limited upside.  Hence, we maintain our HOLD rating on the stock with a revised target price of | 2060 (23x FY20E EPS).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

First Published on Jul 12, 2018 05:21 pm
Follow us on
Available On