KPIT Tech shares hit by downgrades, target price cuts. What JPMorgan and other brokerages said

KPIT Tech shares plunged to a fresh 52-week low of Rs 559.2, marking the worst single-day drop since the COVID-19 crash in March 2020, after the company warned of a 1% YoY decline in Q1 FY27 revenues due to sudden actions by European OEMs including BMW (its largest client at 12% revenue share) and Volkswagen. JPMorgan downgraded the stock to Underweight cutting its target to Rs 550 from Rs 700, JM Financial downgraded from Buy to Reduce cutting its target to Rs 620 from Rs 860, and Equirus cut its target to Rs 715, with EPS estimates slashed by 9-22% across brokerages.