JPMorgan Downgrades HCLTech, Wipro, Tata Technologies

JPMorgan has downgraded HCL Technologies, Wipro and Tata Technologies to Underweight from Neutral, citing that the AI boom has not yet translated into IT sector growth. The brokerage also cut target prices, lowering HCL Tech’s target to Rs 1,000, Wipro’s to Rs 160 and Tata Technologies’ to Rs 540. Analysts warn the revised outlook reflects concerns over slower revenue expansion despite strong AI demand. The move may pressure Indian IT stocks amid broader market caution.