Citi cuts price targets across major Indian IT cos

Infosys

02/03/2026 09:00

** Brokerage Citi cuts its price targets across all the constituents of India's Nifty IT index .NIFTYIT, while maintaining 'cautious' view

** Citi cuts PT on HCL Technologies HCLT.NS to 1,460 rupees from 1,700 rupees, Infosys INFY.NS to 1,440 rupees from 1,700 rupees, Tata Consultancy Services TCS.NS to 2,500 rupees from 3,020 rupees

** Reduces PT on Wipro WIPR.NS to 185 rupees from 235 rupees, Tech Mahindra TEML.NS to 1,260 rupees from 1,500 rupees, LTIMindtree LTIM.NS to 4,190 rupees from 5,415 rupees

** Citi says Nifty IT index .NIFTYIT has corrected ~19% YTD, underperforming NIFTY 50 index .NSEI by ~16% YTD

** Adds, would watch out for FY27 outlook and commentary, AI impact on enterprise spending; Says key risks to their view are existing businesses seeing lesser impact and AI-driven incremental volumes

 (Reporting by Vijay Malkar)

 ((VijayDattaram.Malkar@thomsonreuters.com;))