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ICICI Securities maintains a Reduce call on Tech Mahindra, setting a target price of Rs 1250 against the current market price of Rs 1440.9. While turnaround efforts show promise with BFSI growth and strong deal TCV, macroeconomic headwinds and industry-specific challenges in communication and manufacturing sectors may slow progress. The brokerage tweaked estimates, valuing Tech-M at 18x on future EPS.
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