Nomura Financial Advisory and Securities has maintained 'Buy' on Tata Consultancy Services (TCS) with revised target price of Rs 2,800 in its report.

Commenting on the investment rationale, Nomura said, ''TCS commentary suggests to us that 4QF revenue growth in constant currency will be marginally weaker than our expectations, although EBIT margin is likely to be in line with our assumptions.

We maintain our Buy rating and continue to believe that TCS is well positioned to benefit from both cost-efficiency and discretionary demand. We expect TCS to record USD revenue CAGR of 14% and EPS CAGR of 15% over FY15-17F. After the analyst meet, we do not see any material changes to our estimates.

HCL Tech (HCLT IN, Buy) and Cognizant (CTSH US, Buy) followed by TCS remain our top picks in the sector. We maintain our Buy rating.''

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