CLSA downgrades TCS, Infosys: Picks 4 midcap IT stocks with up to 30% upside

CLSA has turned more selective on Indian IT services after a mixed first quarter of FY27, favouring four mid-tier companies with potential upside of up to 30.4%, even as it remains cautious on several large technology services firms. The brokerage has retained its ‘High Conviction Outperform’ rating on Coforge and Persistent Systems, and an ‘Outperform’ rating on Hexaware and LTIMindtree, with Hexaware offering the highest upside to its revised target price.