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Hold TCS, target of Rs 400: PINC Research

Posted on: June 25th, 2009 and is filed under Brokerage Recommendations.

PINC Research has upgraded its rating on Tata Consultancy Services (TCS) from sell to hold, with price target of Rs 400, in its report dated June 24, 2009.

“We upgrade our estimates on TCS from ‘SELL’ to ‘HOLD’ recommendation with a target price of Rs 400, an upside of 9%. We believe that the worst is over for USA which accounts for 60% of the revenues for the major Indian IT vendors. The acquisition of CGSL will now illustrate its benefits for TCS in the BFSI segment. The management has also seen a halt in the demand decline due to increased outsourcing in India & other emerging markets,” says PINC’s research report.

source: Moneycontrol

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