LTIMindtree shares fall 3%. How to trade latest Nifty entrant after Q1 report card?

economictimes.indiatimes.com:

LTIMindtree shares fell over 3% in Tuesday's trade and the latest Nifty entrant was the top loser in the 50-pack index after the company reported lower-than-estimated June quarter results. Following the earnings, JP Morgan remained 'Underweight' on the stock while Jefferies has an 'Underperform' rating on the counter. Kotak Institutional Equities recommended 'Reduce' while Motilal Oswal took a 'Neutral' stance.

Nuvama was the lone wolf which suggested a 'Buy' rating. The IT services company reported a consolidated net profit of Rs 1,151 crore for the quarter ended June, which was higher by 4%, compared with Rs 1,106 crore in the same quarter last year. Revenue from operations during the first quarter rose 14% year-on-year (YoY) to Rs 8,702 crore.

Both profit and revenue were slightly below the estimates. ET Now poll saw the profit figure around Rs 1,194 crore, while revenue was seen at Rs 8,770 crore.Here is what top brokerages recommended:JP Morgan: Underweight | Target: Rs 3,800JP Morgan is 'Underweight' on this largecap IT stock and places the price target at Rs 3,800. FY24 double-digit growth target moves to aspiration.

Margins reset downwards. Reality sinks in FY24 growth/margins target diluted.Jefferies: Underperform | Target: Rs 4,500Jefferies has an 'Underperform' rating on the LTIMindtree and a price target of Rs 4,500. Continued uncertainty weighing on growth.

Double-digit growth unlikely in FY24. It has cut FY24 EPS estimates by 1% to factor 1Q miss and expects EPS CAGR of 15% over FY23-25.Kotak Institutional Equities: Reduce | Target: 4,900We cut revenue estimates, maintain EPS on INR/USD change and raise fair value to Rs 4,900, valuing the company at 23X June 2025E EPS (March 2025E earlier). REDUCE stays.Mot