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Investing.com - Investec has upgraded LTIMindtree Ltd (NSE:LTIM) from Sell to Hold and raised its price target to INR5,900.00 from INR4,960.00, representing a 19% increase.
The upgrade follows LTIMindtree’s quarterly results, which showed in-line revenue with 2.4% quarter-over-quarter growth in constant currency, while EBIT margins exceeded estimates by approximately 90 basis points at 15.9%.
Investec highlighted significant large deals won by LTIMindtree that give management confidence in achieving double-digit growth by Q4FY26 on a year-over-year basis, supported by expectations of growth recovery from top clients in the second half of the year.
The investment firm has increased its earnings per share estimates by 7.5%, 6.2%, and 8% for FY26, FY27, and FY28, respectively, while rolling over valuations to Q3FY28 TTM.
Investec also implemented a 10% increase in its target price-to-earnings ratio to 25x, contributing to the substantial upward revision in the price target for the IT services company.
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