Global brokerages offered sharply diverging views on Indian IT services firm Tech Mahindra after its first-quarter FY26 update, underscoring uncertainty about the company’s margin trajectory. HSBC issued a buy call with a price target of Rs1,900 a share, saying performance is tracking the company’s FY27 strategic plan. In contrast, Morgan Stanley maintained an underweight stance with a Rs1,555 target, flagging weak deal conversion, a challenging manufacturing outlook and broader macro headwinds. Macquarie kept an underperform rating and a lower target of Rs1,110. Broker sentiment was more subdued across the broader technology sector. HSBC assigned a hold rating on L&T Technology Services at Rs4,790 after the engineering-R&D specialist reported Q1 FY26 revenue of Rs2,866 crore, down 4 percent sequentially, and a marginal 0.7 percent year-on-year increase in net profit to Rs316 crore. Several analysts said growth is likely to remain muted in the current quarter before recovering in the second half of the fiscal year. In the insurance sector, HSBC initiated a buy call on HDFC Life with a Rs900 target, citing expectations that customer additions, distribution expansion and a favourable product mix will support mid-teens annualised premium equivalent growth between FY26 and FY28.