Oct 19, 2016 06:14 PM IST IST | Source: Moneycontrol.com

Buy Infosys; target of Rs 1150: Religare

Religare is bullish on Infosys has recommended buy rating on the stock with a target price of Rs 1150 in its research report dated October 14, 2016.


Religare's research report on Infosys

INFO reported an above-expected Q2FY17 with revenues up 3.9% QoQ in CC terms and margins rising 80bps QoQ. Growth was broad-based (most geographies did well), with strong volumes and stable pricing. Despite a robust Q2, INFO cut its FY17 dollar revenue growth guidance to 7.5-8.5%, implying a -0.6% to +0.6% CQGR for the next two quarters. While the guidance cut was expected, the magnitude surprised us and the weak implied growth rates could cap near-term upsides. Nonetheless, we believe margin levers remain intact and reiterate BUY.

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