TCS’ growth moderation, accentuated by its scale and region-specific headwinds (US slowdown and Brexit, Japan challenges), waters down our optimism derived from improving service-line performance (engineering, infra services), large client metrics and lower attrition. Incremental revenues in 1Q were 10% higher than five-year average, primarily driven by increased digital services (traction in Ignio platform). But this was mitigated by deceleration in ADM services, BFSI (core vertical) and volatility in India/LatAm business.Phillip Capital maintain NEUTRAL with a TP of Rs 2,680, 18x FY18E EPS (~1% earnings upgrade for FY17E/18E).Trendlyne has 18 reports on TCS updated in the last year from 7 brokers with an average target of Rs 2709.7. Brokers have a rating for TCS with 6 price upgrades in past 6 months and 8 price upgrades,5 price downgrades,2 downgrades and 1 upgrades in past 1 Year.