MoneycontrolApr 4KPIT Tech down over 5%; JP Morgan initiates coverage with 44% downside KPIT Technologies share was trading more than 5 percent down on April 3 afternoon after JP Morgan initiated coverage with an “underweight” rating and the lowest target price on the Street of Rs 540, indicating a 44 percent downside from current levels.The brokerage sees two major de-rating catalysts. First, KPIT's growth is expected to fall below 20 percent beyond the financial year 2024. Second, the announcement of Tata Technologies' IPO has reduced the scarcity premium associated with KPIT's stock.Read More At Money control
KPIT Technologies share was trading more than 5 percent down on April 3 afternoon after JP Morgan initiated coverage with an “underweight” rating and the lowest target price on the Street of Rs 540, indicating a 44 percent downside from current levels.The brokerage sees two major de-rating catalysts. First, KPIT's growth is expected to fall below 20 percent beyond the financial year 2024. Second, the announcement of Tata Technologies' IPO has reduced the scarcity premium associated with KPIT's stock.Read More At Money control
