Moneycontrol
Dec 07, 2017 05:09 PM IST | Source: Moneycontrol.com

Hold Infosys; target of Rs 1020: ICICI Direct

ICICI Direct is bullish on Infosys has recommended hold rating on the stock with a target price of Rs 1020 in its research report dated December 04, 2017.

 
 
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ICICI Direct's research report on Infosys

Infosys has announced the appointment of Salil S Parekh as CEO and MD of the company for five years effective January 2, 2018. Simultaneously, UB Pravin Rao would be re - designated as COO and Whole Time Director and would step down as interim CEO and MD. Mr  Parekh has rich experience of 25  years with  Capgemini ( ~$15 - billion revenue company  with head count of ~ 1,90,000 employees). Mr Parekh, who had been a member of Capgemini's group executive board (equivalent to a deputy CEO's post), brings rich global exposure with a strong client relationship on the table.  Nonetheless, we await new CEO commentary on the roadmap to transform Infosys. Hence, we maintain our Hold recommendation on the stock.

Outlook

We await the commentary of the new CEO on the roadmap for transformation of Infosys. Hence, we maintain our HOLD recommendation on Infosys with price target of |1020 (15x FY19E EPS).

For all recommendations report, click here

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