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Global brokerage CLSA has downgraded Tech Mahindra from 'Overperform' to 'Hold', citing valuation concerns and the growth trajectory of the telecom sector. The downgrade comes after Tech Mahindra had been CLSA's top pick since January 2024, during which it achieved a year-to-date return of 24.87%, outperforming the Nifty IT index, which rose 16% in the same period. CLSA has set a target price of ₹1,670 for Tech Mahindra, indicating a potential upside of 2.5% from its closing price on August 20. Following the announcement, Tech Mahindra shares traded down by 0.5% on August 21.
$LZB downgraded from Buy to Hold at Sidoti https://t.co/iSXtN2KoVw
#CLSA has set the target price at ₹1,670, which means it still expects a potential upside of 2.5% from the closing price of August 20. It must be noted that Tech Mahindra was CLSA’s top pick and an anti-consensus call since January 2024. The brokerage’s latest downgrade comes…
Tech Mahindra shares traded half a percent lower on August 21, after global brokerage CLSA downgraded its rating on the stock from outperform to hold amid valuation concerns and growth of the telecom sector.