Jefferies downgrades IT majors TCS, Infosys, HCL Tech

Business Feb 23, 2026

Jefferies has downgraded big names like TCS, Infosys, and HCL Tech, with the Nifty IT index slipping for the fourth day in a row.
These changes come as AI starts to reshape how IT companies do business—and investors are feeling it.

Jefferies slashes earnings estimates and target prices

Jefferies slashed earnings estimates and target prices for these companies, warning that AI could seriously cut into their revenue from managed services.
Jefferies sees more downside risk ahead—Infosys has had its target price cut by 31%; TCS's target change is not specified in the source.
If things get rough, Jefferies says these firms could face even bigger drops in value.