** Birlasoft BIRS.NS shares drop 4.7% to 400.90 rupees
** BOBCaps downgrades tier II IT services provider to "sell" from "hold", cuts PT from 402 rupees to 342 rupees
** Brokerage's PT lowest among 11 analysts; median PT at 448 rupees - data compiled by LSEG
** BOBCaps calls BIRS "weakest Q4 performer" among tier II IT firms that include Persistent Systems PERS.NS and Mphasis MBFL.NS
** Says BIRS' weak FY26 start and subdued deal wins would mean flattish revenue; flags co's high risk to discretionary spends
** Q4 revenue was below its estimates, hurt by extended furloughs and project ramp downs - BOBCaps
** BIRS, MBFL "buy"; PERS "hold" - avg ratings per data compiled by LSEG
** YTD decline - BIRS 28%, PERS 13%, MBFL 10%
(Reporting by Kashish Tandon in Bengaluru)
((Kashish.tandon@thomsonreuters.com))