IDFC overweight on Indian IT services; initiates Outperformer on TCS, Infosys, Tech Mahindra

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26 Aug, 2025 12:21

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IDFC Securities is overweight on Indian IT services as cyclical slowdown is bottoming, expectations remain modest and valuations turn attractive.

The research house expects growth to improve led by improving US economy.

"We play Infosys and TCS on cyclical recovery, and Mindtree on micro growth," IDFC said.

The research house has initiated coverage with Outperformer call on TCS and Infosys, and set a target price at Rs 2,950 per share and Rs 1,250, respectively.

IDFC has also initiated coverage with Outperformer call on Tech Mahindra and Mindtree, and set a target price at Rs 610 and Rs 650, respectively.

Meanwhile, the brokerage house has initiated coverage with Neutral call on Wipro, HCL Technologies and Mphasis, and set target price at Rs 290 per share, Rs 925 and Rs 750, respectively.