Brokerage house Prabhudas Lilladher is bullish on Tata Consultancy Services (TCS) and has recommended 'Buy' rating on the stock with a target price of Rs 3050, in its research report dated December 12, 2014.
TCS - According to the management, the quarter will see usual seasonality in-line with previous year Q3. In terms of verticals, BFS and Retail vertical to witness usual seasonality, whereas Telecom and smaller verticals would grow faster than company average, but Insurance and Energy is likely to witness weakness. In terms of geography, North America would grow adjusted to seasonality, Europe (ex UK) to grow stronger than other geographies, and UK likely to be impacted due to Insurance and seasonality. IMS would continue to lead the growth in terms of services. We don't expect downward revision in earnings for FY15 and FY16 despite challenges. We roll our model forward for FY17, and revise TP to 3050 (from Rs 2,800)", says Prabhudas Lilladher research report.
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