ICICI Securities upgrade Tata Communications’ (TCom) two notches to BUY (from Hold). TCom’s stock price has plunged notably beset by near-term revenue weakness. Street is yet to bake in INR 33bn of FY27E FCF generation (EBITDA minus capex) in core connectivity (7.2% of EV) TCom has been agile in embedding AI in internal process/services – these upfronted investments/potential are undervalued. We arrive at an SoTP-based TP of INR 1,840; our estimates remain unchanged. The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. The website advises users to check with certified experts before taking any investment decisions. For all recommendations report, click here Related stories Buy Sun Pharmaceutical Industries; target of Rs 1895: ICICi Securities Hold IndusInd Bank; target. of Rs 1000: Prabhudas Lilladher Buy State Bank of India;target of Rs 980: Sharekhan