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Hold Infosys; target Rs 1443: Emkay Global
Emkay Global Financial Services has maintained its hold rating on Infosys Technologies, with price target of Rs 1443. The research firm have reduced their FY09 and FY10 USD revenue estimates to 15.1% and 11.2% respectively.
Emkay Global Financial Services has maintained a hold rating on Infosys Technologies , with price target of Rs 1443, in its report dated October 10, 2008.
"We have reduced our FY09 and FY10 USD revenue estimates to 15.1% and 11.2% respectively and build in some form of pick up during FY11 (we base our INR based estimates at Rs 46/USD for 2HFY09 and Rs 45 for FY10 respectively) to build in macro demand weakness now. We expect Infosys to report earnings of Rs 100 in FY09 and Rs 107 in FY10 respectively. Post the reduction in estimates we expect Infosys to report revenue, EBITDA and net profit CAGR of 18%, 16.6% and 13.1% over FY08-11E (though wish to highlight that we build enough prudence in these estimates and thus see no downside to these estimates). We believe that although stock price could remain depressed near term driven by negative news flow, valuations might have corrected significantly for a company with free cash flow at 20% of revenues. We maintain 'HOLD' with a revised price target of Rs 1443, based on 13x 1 year rolling forward P/E multiple," says Emkay Global Financial Services' research report.
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