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Kotak Slashes IT Stock Price Targets by 30% But Maintains Long-Term Optimism
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Kotak slashes IT stock targets by up to 30%, bets on 'long-term relevance'
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CNBC TV18
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05-03-2026, 07:51
Kotak slashes IT stock targets by up to 30%, bets on 'long-term relevance'
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Kotak Institutional Equities cut EPS estimates and price targets (15-28%) for seven IT companies: Infosys, TCS, Wipro, HCLTech, Tech Mahindra, Persistent Systems, and Coforge.
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Despite cuts, Kotak maintains IT services' 'long-term relevance', preferring Infosys, TCS, Tech Mahindra (large-cap) and Coforge, Hexaware (mid-cap).
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Brokerage factors in higher Gen AI-driven revenue deflation for FY27-28 and increased disruption risks, expecting modest industry growth.
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Key recommendations: 'Buy' on Infosys (PT ₹1,530), TCS (PT ₹3,090), Tech Mahindra (PT ₹1,615), Coforge (PT ₹1,620); 'Sell' on Wipro (PT ₹190); 'Reduce' on HCLTech (PT ₹1,425), Persistent Systems (PT ₹4,615).
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Coforge has the highest upside potential at 39%; Persistent Systems upgraded to 'Reduce' from 'Sell'.
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