Mumbai: Shares of HCL Technologies fell 4.5% to close at ₹1,166.7 on Tuesday, as most top analysts cut their price targets after the company's first-quarter results. The Nifty IT index declined 1% against the 0.7% drop in the Nifty.While most domestic brokers remain optimistic about the stock's prospects, foreign brokerages like HSBC, CLSA, Morgan Stanley, BNP Paribas, Jefferies, JP Morgan and Citi trimmed their targets for HCL Technologies . Agenciesmost domestic brokers still optimisticAccording to Bloomberg data, 18 analysts have a 'Buy' call on the stock after the results, against 16 at the beginning of the month. Consensus data showed the stock has a 12-month target price of ₹1,280, implying 9.7% upside from current levels.
HCL Tech tumbles 4.5% as analysts cut price targets after Q1 results
HCL Technologies shares dropped significantly on Tuesday following analyst target reductions. Most foreign brokerages trimmed their price targets after the company's first-quarter results. The Nifty IT index also saw a decline, mirroring the broader market trend. Despite this, many domestic brokers maintain a positive outlook on the stock. Analysts still project a potential upside from current trading levels.
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