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Accumulate Infosys, target of Rs 1426: Religare
Religare Hichens Harrison Research has maintained an accumulate rating on Infosys Technologies with a target of Rs 1426. Infosys just about met the lower end of its Q2FY09 dollar revenue guidance. Rupee revenues and net profit for the quarter grew by 11.5% and 10.8% QoQ respectively.
Religare Hichens Harrison Research has maintained an accumulate rating on Infosys Technologies with a target of Rs 1426 in its October 13, 2008 research report. "As expected, Infosys just about met the lower end of its Q2FY09 dollar revenue guidance. Rupee revenues and net profit for the quarter grew by 11.5% and 10.8% QoQ respectively."
"We are trimming our revenue estimates for FY09 and FY10 by 3.6% and 2.9% respectively. Our EPS estimates too stand revised downwards by 3.9% and 3.8% respectively. In accordance with our estimate revision, we are lowering our target P/E multiple for Infosys to 13x its FY10E earnings. Consequently, our target price reduces from Rs 1,596 to Rs 1,426. We maintain our Accumulate rating," says Religare Hichens Harrison's research report.
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