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Investing.com - Incred Research has upgraded L&T Technology Services Ltd. (LTTS:IN) from Hold to Add, while lowering its price target to INR4,810.00 from INR5,863.00.
The research firm projects a 10.8% US$ revenue CAGR and approximately 14% PAT (Rs) CAGR over the FY25-28F period, introducing fiscal year 2028 forecasts in its latest analysis.
Incred Research shifted its valuation methodology to P/E from PE/G, valuing LTTS at 27x FY28F EPS compared to the implied 33x FY27F in its previous assessment, with the discount reflecting concerns about inconsistent execution.
The firm cited "better entry valuation, aided by potential revenue & EBIT margin recovery" as key factors driving the rating upgrade despite the reduction in target price.
Incred Research identified "client-specific challenges & inconsistent EBIT margin execution" as potential downside risks to its updated outlook for the technology services company.
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