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ICICI Securities Report
With its EI showcase, and the healthy performance and outlook alongside attractive valuations, the brokerage firm ICICI Securities has upgraded L&T Technology Services to Add, from Hold, based on an unchanged one-year forward P/E multiple of 22x, rolling forward to Jun’27E.
Target price is revised to Rs 3,590 from Rs 3,380 earlier, implying a modest upside of 9%. The brokerage has raised its FY27–28E EPS by 1–2.5%.
ICICI Securities has baked in conservative growth of 5% for FY27E, given the volatile macro environment; and expects revenue acceleration from FY28.
L&T Technology has delivered timely pivots with robust execution, which is helping the company gain market share in the ER&D space, adds the brokerage.
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