TCS Share Price: Find out what the bulls and bears say on the road ahead

Analysts who have coverage on Tata Consultancy Services (TCS) Ltd., have largely maintained their bullish stance on the Tata Group giant after its fourth quarter results managed to meet street expectations.

51 analysts have coverage on TCS, of which 37 have a "buy" rating, nine say "hold", while five have a "sell" rating.

Here's first take a look at analysts that have a bullish stance on the stock:

Kotak Institutional Equities

The brokerage has maintained a "buy" rating on the stock with a price target of ₹3,100.

Shares of TCS have declined by 19% in the last year, underperforming peers during a cyclically weak phase, according to Kotak, who added that financial year 2027 should see a meaningful narrowing of the growth differential with peers.

Kotak said it continues to remain constructive on the stock and has raised its Earnings Per Share (EPS) estimates by 3% on revised currency assumptions.

Goldman Sachs

The brokerage has maintained a "buy" rating on the stock with a price target of ₹2,710. The price target only implies a 5% upside potential from current levels.

Goldman Sachs wrote that positive sequential revenue growth across all but one vertical, positive deal wins, modest headcount growth, earlier-than-expected wage hike and no discernable negative impact of AI on revenue growth are some of the key positive, although re-investments to build capabilities is a margin drag.

On the flip side, no improvement in growth momentum, miss to guidance of better FY26 for international markets versus FY25, and limited margin expansion despite forex tailwinds are some of the key negatives.

CLSA

The brokerage has an "outperform" rating on the stock with a price target of ₹2,985.

CLSA is betting on an attractive Free Cash Flow yield at 6% (higher than the Covid-19 bottom), and a steep discount to the IT peers on valuations.

JPMorgan

Another brokerage with a bullish stance on the stock is JPMorgan, who maintained its "overweight" rating and a price target of ₹3,150.

JPMorgan said that TCS continues to return 80-100% of free cash flow via dividends and buybacks, thereby offering strong downside support.

At 16.5 times and at 15.5 times for financial year 2027 and 2028 respectively, the stock trades two standard deviations below its historical multiple and a at a discount to its peers despite superior cash returns and margin resilience, JPMorgan's note said.

Brokerage	Rating	Target (₹)
Kotak Instl Eq	Buy	3,100
CLSA	Outperform	2,985
Goldman Sachs	Buy	2,710
JPMorgan	Overweight	3,150
Nomura	Buy	2,130
Ambit	Sell	2,340
Jefferies	Underperform	2,275
Citi	Sell	2,250

 

Lets also take a look at analysts that are bearish on the stock:

Jefferies

The brokerage has maintained its "underperform" rating on the stock with a price target of ₹2,275. The target implies a potential downside of 12% from current levels.

Jefferies said that weak growth in BFSI, flat year-on-year deal bookings and AI-led revenue deflation due to higher exposure to application managed services should keep growth in check.

TCS' margins will remain rangebound in the absence of strong revenue growth, according to Jefferies, who did raise earnings estimates by 2% due to forex tailwinds but expects the Earnings per Share (EPS) to only compound at a 5.5% rate over financial year 2026-2029.

Citi

Citi has one of the lowest targets on the street for TCS at ₹2,450, which comes with a "sell" rating.

The brokerage expects low-single-digit revenue growth to continue and the management commentary had data points that support both bullish and bearish views.

Shares of TCS ended 1.2% higher on Thursday before the results announcement at ₹2,590. The stock has risen nearly 10% so far in the month of April.