India's LTIMindtree, Mphasis advance after J.P.Morgan raises to 'overweight'

Mphasis

07/10/2024 06:00

** Shares of LTIMindtree Ltd  LTIM.NS  and Mphasis Ltd
 MBFL.NS  up 2.4% each
    ** J.P.Morgan upgrades both IT stocks to "overweight" from
"neutral", saying they are best-placed to benefit from recovery
in spending by BFSI clients
    ** JPM raises PT on LTIM PT Street-high of 6,900 rupees vs
current price of 6,253.05 rupees
    ** JPM raises PT on MBFL to Street-high of 3,400 rupees vs
current price of 2,897 rupees
    ** Analysts on avg rate both stocks "hold" -LSEG data
    ** LTIM nearly wipes out YTD losses, while MBFL extends
gains to 6.2%
    ** Still, they are 2nd and 3rd worst performers on 10-member
Nifty IT  .NIFTYIT  index YTD


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))