Infosys, TCS Jump After Brokerage Bernstein Revises Targets for IT Giants

The shares of Indian IT giants Infosys and Tata Consultancy Services (TCS) jumped on Monday, November 21, 2023, after brokerage firm Bernstein revised its target prices for the stocks. Infosys's stock price rose 0.52% to ₹1,443.70, while TCS's shares gained 0.22% to ₹3,527.00 on the BSE.

Bernstein's Revised Target Prices

Bernstein has maintained an 'outperform' rating on Infosys, raising its target share price to ₹1,600 from ₹1,580. For TCS, Bernstein has also maintained an 'outperform' rating but cut the target price to ₹3,800 from ₹3,940.

Reasons for the Target Price Revisions

Bernstein's revision of target prices for Infosys and TCS reflects its positive outlook on the Indian IT sector. The brokerage firm believes that strong demand for IT services, particularly in the digital transformation space, will continue to drive growth for Indian IT companies.

Analysts' Optimism on Indian IT Sector

Bernstein is not alone in its bullish stance on the Indian IT sector. Several other brokerage firms have also maintained positive ratings on Indian IT companies, citing strong earnings growth and favorable industry trends.

Impact on Infosys and TCS Share Prices

The positive outlook from Bernstein and other brokerage firms has been a key factor driving the recent surge in Infosys and TCS share prices. Analysts believe that the positive sentiment could continue to support the stocks in the near term.

Key Takeaways

• Infosys and TCS share prices jumped after brokerage Bernstein revised its target prices for the stocks.
• Bernstein's positive outlook reflects its belief in strong demand for IT services in India.
• Other brokerage firms also have a positive view on the Indian IT sector.
• The positive sentiment is likely to support Infosys and TCS share prices in the near term.

Looking Ahead

The Indian IT sector is expected to continue to grow in the coming years, driven by strong demand for digital transformation services. As a result, Infosys and TCS are well-positioned for continued growth and share price appreciation.