Three-fourths of BSE 500 stocks see downward revision in price targets

Deteriorating macroeconomic conditions and lacklustre earnings have prompted brokerages to cut their price targets for mid- and small-cap stocks. Over three-fourths of the BSE 500 stocks saw their price targets cut in the last three months, with 98 stocks witnessing a downgrade of more than 10 per cent. The trend looks similar for the BSE Mid-cap and Small-cap indices, where the majority of the stocks are seeing a downward price target revision.

This scale-back of price targets comes at a time when there is an intense selling pressure in these stocks. Brokerages are increasingly advising their clients to avoid any fresh