Goldman trims 2012 global tech spending forecast

Jul 16, 2012 |

Reuters

mumbai

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Goldman Sachs trims its global technology spending forecast to 3 per cent from 4 per cent for calendar year 2012 after its June annual survey of the industry.

Goldman says expects lower GDP growth in advanced economies and a lower global fixed investment forecast.

Investment bank says survey results consistent with its views for 'modest' fiscal 2012-13 earnings for Indian IT services large caps: forecasts 10 per cent U.S. dollar revenue growth vs 18 per cent in fiscal 2012 ended in March.

Goldman prefers HCL Technologies, reiterates 'buy' rating on expectations for better growth and revenue after $2.5 billion in deals over the past six month.

Adds HCL Tech trading at a 22-23 per cent discount to its eight-year historic average and other large caps.

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