Jefferies downgraded TCS to Hold from Buy and lowered its target price to ₹4,150, citing muted revenue growth expectations and soft domestic hiring trends. While TCS maintains margin resilience near 25%, sluggish deal ramp-ups and cautious enterprise spending could limit near-term upside. The brokerage noted that the stock’s recent rally already reflects most positives, recommending investors wait for clearer signs of acceleration in FY26 before taking a more constructive stance.