Tech Mahindra’s turnaround in the offing; ICICI Securities upgrades stock to Buy, raises target price
Analysts believe that Tech Mahindra’s EBIT margin can improve to ~15 - 16%, i.e. by ~500 – 600 basis points (bps) over FY24-26 as compared to Street’s estimate of 13.2% in FY26.
Tech Mahindra share price gained over a percent to hite a fresh 52-high of ₹1,310.80 apiece on the BSE Friday. The stock has rallied more than 27% on a year-to-date (YTD) basis and has sharply outperformed the Nifty IT index that has gained over 14% during the period. The outperformance in Tech Mahindra shares comes despise the company delivering weak results over the past three quarters.
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