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Morgan Stanley upgrades Indian IT price targets
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Morgan Stanley has raised price targets on shares of large-cap and mid-cap Information Technology stocks. The brokerage’s top picks in the sector are HCL Technologies, LTIM, Infosys, and Cyient.
“Strong outlook on FY25 revenue growth, improving margins, and double-digit EPS growth should keep valuations afloat,” said Morgan Stanley’s analysts Gaurav Rateria and Sulabh Govila in a client note.
The brokerage says it expects the current valuation, which is at a five year average, to be sustained owing to double-digit Earnings Per Share (EPS) growth in FY25, under-ownership by both domestic institutional investors (DII) and foreign institutional investors (FIIs).
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