Mumbai: Shares of HCL Technologies fell 4.5% to close at ₹1,166.7 on Tuesday, as most top analysts cut their price targets after the company’s first-quarter results. The Nifty IT index declined 1% against the 0.7% drop in the Nifty.
While most domestic brokers remain optimistic about the stock’s prospects, foreign brokerages like HSBC, CLSA, Morgan Stanley, BNP Paribas, Jefferies, JP Morgan and Citi trimmed their targets for HCL Technologies .
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most domestic brokers still optimistic
According to Bloomberg data, 18 analysts have a ‘Buy’ call on the stock after the results, against 16 at the beginning of the month. Consensus data showed the stock has a 12-month target price of ₹1,280, implying 9.7% upside from current levels.
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