Citi, however, has raised its target price for the stock to Rs 970 from Rs 875 after it increased EPS estimates by 6 percent primarily due to INR depreciation.
Mindtree share price lost more than 4 percent intraday on Thursday after global research firm Citi downgraded the stock to Sell from Neutral.
Its business has seen a good turnaround that has already been priced into the strong returns seen in past six months, the brokerage house said. "Valuations are sector-leading and don't leave any room for disappointment."
Client concentration risk remains, it feels.
Citi, however, has raised its target price for the stock to Rs 970 from Rs 875 after it increased EPS estimates by 6 percent primarily due to INR depreciation.
Meanwhile, the mid-cap IT services company had reported a 27.9 percent sequential growth in its fourth quarter net profit helped by strong deal wins and reported revenue of Rs 1,464 crore, a growth of 6.3 percent sequentially.
At 13:39 hours IST, the stock price was quoting at Rs 994.00, down Rs 36.00, or 3.50 percent on the BSE.