Shares of HCL Technologies failed to sustain gains and ended up 0.2% at ₹1,101.80 on Friday after gaining as much as 3% during the day. Investec and Nomura have retained buy ratings while CLSA and Credit Suisse have maintained an outperform rating...
By ET Bureau | Updated:
CLSA has cut earnings estimates on HCL Technologies by 5% and 3% for FY23 and FY24, respectively, on lower price assumptions and a higher tax rate.
Mumbai: Most analysts have maintained a buy or equivalent rating on HCL Technologies after its fourth quarter result, but some have lowered target price on the stock to factor in cuts in margin estimates.
Shares of HCL Technologies failed to sustain gains and ended up 0.2% at ₹1,101.80 on Friday after gaining as much as 3% during the day. Investec and Nomura have retained buy ratings while CLSA and Credit Suisse have maintained an outperform rating. ICICI Securities has retained a hold and Morgan Stanley has retained equalweight. Meanwhile, Dolat Capital has an accumulate rating on the stock. Among brokerages that cut target price, Investec, Credit Suisse, CLSA, ICICI Securities and Nomura have trimmed target prices by 2-13%.
Nomura has reduced earnings per share estimates for FY23 and FY24 by around 2.5% on lower margin assumptions.
CLSA has cut earnings estimates on HCL Technologies by 5% and 3% for FY23 and FY24, respectively, on lower price assumptions and a higher tax rate.
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