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Hold Infosys, target of Rs 1880: Sharekhan
Sharekhan has maintained its hold rating on Infosys Technologies with a revised price target of Rs 1,880. For Q1FY2010, Infosys Technologies' consolidated revenues declined by 2.9% sequentially to Rs 5,472 crore. In dollar terms, the revenues were almost flat at USD 1,122 million and were significantly higher than its guidance.
Sharekhan has maintained its hold rating on Infosys Technologies with a revised price target of Rs 1,880 in its report dated July 10, 2009.
"For Q1FY2010, Infosys Technologies (Infosys)' consolidated revenues declined by 2.9% sequentially to Rs 5,472 crore. In dollar terms, the revenues were almost flat at USD 1,122 million and were significantly higher than its guidance (USD 1,060--USD 1,080 million). This was due to 1% improvement in the reported realisation, largely on account of favorable cross currency movements (in constant currency realisation dipped 0.9% sequentially). The volume dropped by 1.1% sequentially in line with our expectation. The operating profit margin (OPM) improved by 58 basis points sequentially to 34.1%, which is significantly above expectation. We maintain our Hold recommendation on the stock with a revised price target of Rs 1,880. At the current market price, the stock is trading at 17.4x FY2010 earnings estimate and 16.5x FY2011 earnings estimate," says Sharekhan's report.
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