TDCX downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded TDCX to Neutral from Overweight with a price target of $12.10, down from $14.10. The company issued "light" fiscal 2023 guidance due to macro uncertainties impacting its key customers, the analyst tells investors in a research note. Following the stock’s 38% gain since September of 2022, the firm believes further upside is likely to be "capped" until the outlook for TDCX’s key customers improves and new customer business volumes increase. Improvement in business prospects for TDCX might not be visible until the Q3 report in November, JPMorgan says.