Dalal Street bullish on HCL Tech on attractive valuation

Asia's Tech News Daily

HCL Tech share price, HCL Tech, HCL Tech Q2, HCL technologies, Dalal Street

Most brokerages have retained bullish views on

HCL Technologies

even as revenue and margin in the second quarter fell short of Street expectations. Shares of HCL Technologies ended down 1.17 per cent at `1,250.9 on Thursday.

Emkay, Motilal Oswal and Edelweiss have retained buy ratings while Macquarie and JPMorgan have retained outperform and overweight rating, respectively.

Analysts at Emkay said HCL Technologies’ operating performance missed expectations largely due to a 8 per cent quarter on quarter decline in products and platform business on a constant currency basis. Emkay, while lowering earnings estimates by 0.8-3.3 per cent, said it has maintained a buy on attractive valuation and anticipated revenue acceleration.

Did you Know?

Stock score of HCL Technologies Ltd moved down by 1 in 3 months on a 10-point scale.

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Stock Analysis

Stock score of HCL Technologies Ltd is 7 on a scale of 10. View Stock Analysis »

Motilal Oswal expects HCL Technologies to emerge stronger on the back of an expected increase in enterprise demand for these services. “The stock is currently trading at around 22 times FY23 estimated EPS, which offers a margin of safety,” said Motilal Oswal.

Morgan Stanley and Macquarie have trimmed target price on HCL Technologies by 2 per cent and 3 per cent, respectively. Macquarie has lowered earnings estimates for FY22-FY24 by 2-6 per cent as weakness in products business led to HCL missing result expectations.

HCL Tech share price, HCL Tech, HCL Tech Q2, HCL technologies, Dalal Street

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