Nuvama downgrades HCL Technologies, cuts target price: 3 key concerns now
Nuvama Institutional Equities downgraded HCL Technologies to a ‘Hold’ rating from ‘Buy’ as it sees limited valuation upside in the stock. The brokerage house slashed the target price by 4.1% to Rs 1,630 from Rs 1,700. The downgrade came after the company posted weak quarterly results.
Nuvama on HCL Tech: Seasonality impacted growth, low margins a shocker
The tech giant’s revenue declined 0.8% sequentially due to Q1 seasonality. The services business inched down 0.1% Quarter-on-Quarter (QoQ) and ER&D 0.5% QoQ, while IT Services was flat QoQ.
