JP Morgan has come out with its post-earnings report on  Infosys Technologies, in which, it has maintained an overweight rating on the stock with a price target of Rs 2,650.

Infosys reported a net profit of Rs 1,144 crore (Rs 11.44 billion) in the fourth quarter versus Rs 983 crore (Rs 9.83 billion) for the previous year, a growth of 16.38%.

For FY08 guidance, the company expects revenues of Rs 17038-17308 crore and EPS of Rs 80.29-81.58. JP Morgan said that the FY08 guidance is robust and re-affirms demand strength. Guidance will put to rest worries on slowdown in IT industry, it added.

Infosys expects net profit of Rs 4481.64-4553.64 crore for FY08. For the first quarter of the next financial year, the company anticipates revenues of Rs 3896-3913 crore, a growth of 3.28-3.74% QoQ and net profit of Rs 1005.37 crore and an EPS of Rs 17.84.

JP Morgan further mentioned that Infosys is likely to materially beat its FY08 guidance. It has retained a positive view on the back of strong demand environment and sustained execution of projects.