HDFC Bank Q4 2023 Results: Stock Down 2% 📉💰

 Tech Mahindra Ltd downgraded to 'sell' by Citi from 'neutral' with a reduced target price of Rs 955 from Rs 1,100.

Increased risks to growth in the communications vertical, which accounts for approximately 40% of the company's revenue.

 Near-term challenges and negative catalyst watch in place, may be exacerbated by macroeconomic factors.

Operating deleverage may lead to lower margins than consensus expectations.

Positives associated with leadership change may take time to materialize.

Valuations at 16x 1-yr forward consensus EPS, risk-reward looks unfavorable, according to Citi.

Tech Mahindra is expected to report its March quarter earnings on April 27.

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HDFC Bank Q4 2023 Results: Stock Down 2% 📉💰