TCS' business outlook is clearly better in FY19E compared to FY18. The IT major's broad-based growth and visibility across several verticals drives underlying confidence on business growth over FY18-FY20E. With Digital starting to contribute substantially, healthy growth in this segment will also move the needle more meaningfully. Among negatives, we await better revenue traction in BFSI. Nonetheless, we are enthused with the IT major's positive growth outlook and stable margin expectations. We upgrade our target PE multiple to 22x to factor in improving growth profile, and upgrade the stock to BUY from HOLD with a revised Target Price of...