Morgan Stanley has raised the target prices of top and mid-tier Indian IT company stocks including TCS, Infosys and HCL Tech while maintaining largely favourable ratings.
The brokerage firm cited expectations of robust FY25 revenue growth, margin improvement and double-digit EPS growth for raising the target.
Morgan Stanley attributed the optimistic revenue growth forecasts for FY25 to stabilising macro risks, the levelling off hyper-scale revenue growth, an anticipated rebound in BFSI (banking, financial services and insurance) spending in FY23 announcements of significant deal wins and robust order bookings in the second quarter of FY24.
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