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JPMorgan downgrades HCL Tech, slashes target prices across Indian IT on muted FY26 growth outlook

JPMorgan reduced its target price for Tata Consultancy Services (TCS) to Rs 3,900 from Rs 4,500, Infosys to Rs 1,900 from Rs 2,350, HCL Tech to Rs 1,700 from Rs 2,200, and Tata Elxsi to Rs 4,500 from Rs 5,400.
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