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As many as six IT stocks, Infosys, HCLTech, Mphasis, LTIMindtree, TCS and Hexaware Technologies, have been downgraded by brokerage firm Jefferies on Monday, February 23, with their respective price targets being cut by up to 33%, along with a cut to their Earnings Per Share (EPS) estimates by 1% to 4%.As many as six IT stocks, Infosys, HCLTech, Mphasis, LTIMindtree, TCS and Hexaware Technologies, have been downgraded by brokerage firm Jefferies on Monday, February 23, with their respective price targets being cut by up to 33%, along with a cut to their Earnings Per Share (EPS) estimates by 1% to 4%.Jefferies wrote in its note that AI may structurally change the business mix of IT services companies towards consulting and implementation, while shrinking the portion of managed services. This would therefore, not only increase the cyclicality, but also require a change in talent and operating models, thereby adding to the risks.The brokerage went on to add that despite these stocks falling up to 16% on a year-to-date basis, they still offer a higher downside potential compared to upside. Here's a list of the stocks downgraded by Jefferies and the changes to their price targets:Infosys | Jefferies has downgraded Infosys to "hold" from its earlier rating of "buy" and cut its price target sharply to ₹1,290 from ₹1,880 earlier. The revised price target implies a potential downside of 5% from Friday's closing levels.HCLTech | HCLTech has also been downgraded to "hold" from its earlier rating of "buy" with its price target being cut to ₹1,390 from ₹1,885 earlier. This also implies a downside of around 4% from Friday's closing price.Mphasis | The recommendation on Mphasis has been downgraded to "hold" from "buy" and its price target has been cut to ₹2,450 from ₹3,410 earlier. Shares of Mphasis are already trading below the revised price target, implying little upside from Friday's closing levels of ₹2,365.LTIMindtree | The rating on LTIMindtree has been cut to "underperform" and price target has been slashed to ₹4,300 from ₹6,175 earlier. The revised price target implies a downside potential of 12% from current levels.TCS | India's largest IT services company has also been downgraded to "underperform" and its price target has been cut to ₹2,350 from ₹3,485 earlier. The revised price target implies a downside potential of 12.5% from Friday's close.Hexaware Tech | The stock has been downgraded to "underperform" and its price target cut further down to ₹460 from ₹660 earlier. The revised price target implies a downside potential of 12% from current levels.Coforge, Sagility and IKS Health are the top picks highlighted by Jefferies in this space in its note.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.