Accumulate Infosys; target of Rs 2469: Kotak Securities
Kotak Securities has recommended accumulate rating on Infosys with a target of Rs 2469, in its June 14, 2013 research report.
June 14, 2013 / 16:13 IST
Kotak Securities research report on Infosys:
"
Infosys has announced salary increments for off-shore and on-site employees. We see this as a first step to improve employee morale, which had been impacted. We expect other measures in due course to improve efficiencies and utilization levels. These factors, in addition to the recent rupee depreciation, should net out a large part of the margin impact due to the increments. Thus, our earnings estimates stand marginally changed. This initiative has come quicker than expected and we view it this positively. However, we believe that, improvement in revenue growth, which could be a major valuation trigger, could take some more time. Thus, we recommend ACCUMULATE (Reduce) with a target of Rs 2469 (Rs 2324)," says Kotak Securities report.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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