- Published on May 25, 2022
- In IT Services
Oh boy, is JP Morgan wrong?
The global brokerage firm has downgraded Tata Consultancy Services, HCL Technology, Wipro, and L&T Technology to 'underweight' from 'neutral' and slashed its target price by 15-21 per cent.
- By Amit Naik
Earlier this week, the global brokerage firm JP Morgan 'downgraded' the Indian information technology (IT) sector over margin and revenue concerns, alongside surging inflation and supply chain issues in the Russia-Ukraine tussle.
The global brokerage firm has downgraded Tata Consultancy Services, HCL Technology, Wipro, and L&T Technology to 'underweight' from 'neutral' and slashed its target price by 15-21 per cent, but maintained an 'overweight' rating on Infosys, Mphasis, and Tech Mahindra, with reduced target prices.
Why, though?
The firm said that the Indian IT growth was accelerating till the third quarter of 2022 and has begun to slow down from the fourth quarter, which is likely to worsen into FY23 due to the high attrition rate and talent management that ha
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Amit Naik
Amit Raja Naik, known as the 'AI Human,' serves as the editor at AIM Media House, where he leads a team of talented tech journalists who are driving and shaping technology conversations across India and around the world.
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