Jefferies has revised its outlook for the IT sector, citing uncertainty surrounding US GDP growth and tariffs, leading to earnings per share (EPS) cuts of 2% to 14% for various firms. The firm has downgraded TCS, Wipro, and Mphasis while highlighting Infosys, Coforge, and Sagility as its top picks, with target prices set at ₹1,700, ₹9,860, and ₹48, respectively. As TCS prepares to report its Q4 FY25 results, analysts anticipate a challenging environment characterized by a potential decline in constant currency revenue and a focus on the impact of US tariffs. TCS is expected to face scrutiny regarding its future guidance amid these macroeconomic headwinds. The company is projected to declare a final dividend of ₹30 per share, despite a reported net profit decline of 1.7% year-on-year to ₹12,224 crore. Analysts have adjusted their target prices for TCS, with Jefferies setting a new target of ₹3,400 per share, reflecting a cautious outlook on growth.