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Buy Infosys Technologies, target Rs 2124: Angel
Angel Broking has maintained its buy rating on Infosys Technologies with a 12 months target price of Rs 2124. Infosys Technologies, has acquired the UK-based SAP consulting outfit, Axon Group plc for a consideration of £ 407.1 million (USD 753.1 million, Rs 3310 cr).
Angel Broking has maintained its buy rating on Infosys Technologies with a 12 months target price of Rs 2124 in its August 26, 2008 research report. "Infosys Technologies, has acquired the UK-based SAP consulting outfit, Axon Group plc for a consideration of £ 407.1 million (USD 753.1 million, Rs 3310 cr). We have not factored in any impact of this acquisition in our financial projections for Infosys. The acquisition, as such, does not materially change valuations."
"A major concern would be the emergence of a counter-offer from another bidder for Axon Group. In such a case, if Infosys does show a major willingness to buy Axon in spite of a counter-bid, it could jack up the acquisition price for the company. Apart from this, greater clarity would be sought on the steps being taken to retain key top management personnel of Axon Group by Infosys. At the CMP, the stock is trading at a P/E of 14.4x FY2010E EPS. We maintain a Buy on the stock, with a target price of Rs 2124," says Angel's research report.
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