Brokerage house Emkay Global Financial Services is bullish on Infosys and has recommended buy rating on the stock with a target price of Rs 3,100 in its July 12, 2013 research report.
Emkay's research report on Infosys
"Infosys retained it's FY14 USD revenue guidance at 6-10 percent YoY growth (implies an extremely conservative asking rate for the next 3 qtrs in our view ( 1 percent QoQ decline at the lower end and +1.5 percent QoQ growth at the upper end) and we see possible upsides here through H2FY14. We continue to back ‘Return to Predictable ways' under Mr Narayan Murthy's stewardship for Infosys ahead as also highlighted in our upgrade note (Infosys : It's all about leadership, upgrade to BUY dated June 7'2013) unlike the volatile financial performance that we have witnessed from Infosys through FY11-13."
"Lower currency resets and upward tweaks in our FY14/15/16E rev est (refer table ‘Changes in earnings estimates' below) drive a 4.9 percent/4.6 percent/2.6 percent raise in our FY14/15/16E EPS to Rs 173.3/195.3/211.6 respectively. While a 10 percent upmove today is a reaction to ‘relatively subdued expectations', we back an improvement in operational performance and return to predictable ways ahead. Retain BUY, TP Rs 3,100(V/s Rs 2,900 earlier)," says Emkay Global Financial Services research report.
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