GOLDMAN SACHS ON TCS

Maintain buy, Target `2900
TCS has not met revenue growth expectations for the past few quarters
We see 2QFY16 as the bottom and expect better yoy growth
TCS trades at a 19% premium to peers which is justified by its returns

CLSA ON BHARAT FORGE

Downgrade to Sell from Buy, Target `745 from `1465
Simultaneous growth slowdown in key export segments
Slow pace of recovery in domestic industrials business
Cut 16-18 EPS 7-26% and are now 9-21% below consensus
Long-term positives but cyclical issues overshadowing near term

CLSA ON TCS

Maintain Buy, Target `3200
In-line growth and margins with Digital & IMS firing
Drags from Japan and Diligenta should wash away by 4Q
Expect TCS growth rates to strengthen in FY17
2H to see normal seasonality, order wins underpin FY17 growth

CS ON TCS

Cut target to `3000 from `3100, Maintain Outperform
Revenue slightly below expectations; other metrics in line
Management seems less concerned about 2H compared to Infosys
Cut numbers slightly due to higher tax rate assumptions

UBS ON REAL ESTATE

Upgrade Prestige Estates to Neutral from Sell, Target `230 from `215
Raise DLF target to `210 from `190, Maintain Buy
Raise IBREL target to `74 from `67, Maintain Neutral
Visible recovery with REIT potential to drive re-rating

CITI ON TCS

Downgrade to Sell from Neutral, Target `2430 from `2765
Downgrading stock on slowing growth and high valuations
Expect slowing growth to put pressure on multiples
Lower estimates by ~2% and multiple to 18x