** Tata Consultancy Services TCS.NS on Monday posted a third-quarter revenue marginally above estimates on AI-driven demand, with revenue from its key North America market registering growth for the first time in two years

** Shares of India's top IT services exporter were flat at 3,238.70 rupees in choppy trading

AI INVESTMENTS BEARING FRUIT

** Emkay ("add"; PT 3,500 rupees) says advancing client conversations, a healthy order book, and leadership in AI, is expected to drive an uptick in revenue growth

** Jefferies ("hold"; PT 3,485 rupees) says deal bookings are healthy, but increased ask of productivity gains by clients and pricing pressure during renewals will keep FY27 growth in check

** Morningstar (PT 3,020 rupees) says TCS's early artificial intelligence investment is bearing fruit, underpinning internal cost-saving and external revenue growth

** Systematix ("buy"; PT 3,817) says deep client trust and domain expertise position TCS as a key partner in digital transformation and cost optimization initiatives

** AMBIT ("sell"; PT 2,975 rupees) TCS growth was marginally ahead but internals were weak; see risk to management aspiration of better international market growth in FY26E

** Brokerage says higher capital intensity, growth vs margin trade-off risks and GenAI legacy cannibalization risks keep us cautious

** Antique ("buy"; cuts PT to 3,450) Says AI-led transformation continues to gain traction, underpinning management's confidence in a gradual improvement in demand conditions through FY26

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))