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The Nifty IT index rose over 1% in early trade on December 5, buoyed by positive comments from Federal Reserve Chair Jerome Powell regarding US economic growth. All 10 constituents, including Persistent Systems and L&T Technology Services, saw gains, with Persistent's shares up over 2% after CLSA raised its target price significantly. Bank of America highlighted key trends shaping the IT sector's future, including a recovery in the BFSI sector and a rebound in cloud spending, while artificial intelligence is expected to positively impact the industry by 2025.
Sharekhan has maintained a BUY rating for LTIMindtree with a target price of Rs 7,500, highlighting the company's ambition to reach $10 billion in revenue. The firm has secured over 45 large deals worth $2 billion in the past 18 months and aims for an EBIT margin of 17-18% through its Project North Star initiative. Currently, the stock trades at multiples of 35.6/29.3/24.5x its FY25/26/27E EPS.
Emkay Global Financial has maintained a REDUCE rating on LTIMindtree, setting a target price of Rs 6,100. At an analyst meet, LTIM highlighted its strategic focus on AI, which is driving recent deal wins and aims for a revenue target of USD 10 billion, alongside a goal of 17-18% EBITM. With discretionary spending still low, clearer visibility for FY26 revenue growth is expected as clients finalize budgets post-US elections.
LTIMindtree aims for US$10 billion in revenue by FY 2031-32, supported by strategic acquisitions and a return to double-digit industry growth. The company is enhancing its AI offerings to meet rising demand for Gen AI services and targets a margin increase to 17-18% through various optimization strategies. Analysts maintain a BUY rating with a target price of Rs 7,360, projecting a USD revenue CAGR of 9.7% and earnings CAGR of 13.7% from FY24-27E.
Motilal Oswal has maintained a buy rating on LTIMindtree with a target price of INR 7,400, indicating a 19% upside. The company aims for USD 10 billion in revenue and an EBIT margin of 17-18%, leveraging strengths in AI and data engineering, despite facing margin challenges. Increased spending from BFSI clients on transformation projects positions LTIM to benefit as demand strengthens.
Morgan Stanley has set an overweight rating for LTIMindtree with a target price of ₹7,050 per share, noting a strong deal pipeline and new client additions despite elusive discretionary spending. Meanwhile, Nomura has reduced its rating, targeting ₹5,140 per share, emphasizing the need for double-digit growth to achieve a 17-18% EBIT margin band as the company aims for $10 billion in revenue by 2031-32 while embracing an AI pivot.
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