UBS upgrades Coforge and Mphasis, sets ₹2,400 and ₹2,980 targets
UBS just gave Coforge and Mphasis a boost, upgrading both to "Buy" and setting higher target prices: ₹2,400 for Coforge and ₹2,980 for Mphasis.
While UBS is still wary about the bigger picture for Indian IT (since AI isn't bringing in enough new money to offset drops in old-school services), they're betting that these mid-tier companies can handle the changes better than the giants.
Analysts say AI threatens legacy IT
UBS's view lines up with other analysts like CLSA and Kotak, who've also warned that AI could hurt traditional IT revenues.
Big names like TCS and Infosys have been downgraded recently, while midtier players are getting more love.
Even Tech Mahindra got an upgrade from UBS, with its target price bumped up to ₹1,865.
So right now, it looks like being nimble is paying off in India's tech world.