ICICI Direct has given Hold recommendation for HCL Technologies with a target price of Rs. 1430 in its research report issued on Jan 16, 2022
ICICI Direct’s research report on HCL Technologies
HCL Technologies (HCLT) offers IT, ER&D and products to BFSI, retail, health, telecommunication, manufacturing, media & hi-tech verticals. HCL Tech has 250 Fortune 500 and 650 global 2000 clients • It has grown organically and inorganically (14% CAGR over FY18-21).
We downgrade the stock from BUY to HOLD rating . We value HCLT at Rs 1430 i.e. 24x P/E on FY24E EPS.