IT crash ahead? CLSA downgrades TCS, Infosys, Wipro, other stocks; revises target prices. Here's why

CLSA downgraded several large IT stocks and cut their target prices amid continued AI-related concerns, while retaining a bullish view on select mid-tier IT companies. The brokerage said Q1 earnings were mixed across Indian IT and global peers, but expects AI-driven volumes to eventually offset pricing deflation by FY30.