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ā¢ Jefferies has a 'Hold' view on Tata Consultancy Services, HCL Technologies, and LTI MindTree, and an 'Underperform' stance on Wipro and Tech Mahindra.
ā¢ The US-based brokerage believes that the rally in IT stocks is overdone and prefers to remain stock selective.
ā¢ Key takeaways from Jefferies' conversations with IT firms include a lack of demand growth, deeper furloughs, and lower IT spends in 2023.