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

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.

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

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

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Operating deleverage may lead to lower margins than consensus expectations.

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Positives associated with leadership change may take time to materialize.

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

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

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