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Investing.com - Investec (LON:INVP) has downgraded LTIMindtree Ltd (NSE:LTIM) from Hold to Sell while raising its price target to INR4,960.00 from INR4,690.00.
The downgrade comes despite LTIMindtree reporting quarterly results in line with expectations, with 0.8% constant currency revenue growth matching analyst estimates. Investec noted that 75% of the incremental revenue during the quarter was driven by the BFSI (Banking, Financial Services and Insurance) and Retail sectors.
The research firm expressed concerns about the lack of confidence in broad-based growth going forward. While LTIMindtree is expected to benefit from executing a large deal in the agricultural sector in Q2FY26, growth in BFSI and Hitech segments—which account for approximately 60% of revenue—could remain relatively muted.
Investec adjusted its earnings per share estimates for FY26/27/28E by -1.2%/1.3%/0.7% respectively. The firm rolled over its valuations to Q2FY28 TTM (trailing twelve months) for the new price target calculation.
The downgrade decision was influenced by the stock’s 27% return since its bottom on April 7, 2025, combined with "no meaningful change in business outlook," according to Investec’s analysis.
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