Buy Infosys; target of Rs 2900: Prabhudas Lilladher
Prabhudas Lilladher is bullish on Infosys and has recommended buy rating on the stock with a target of Rs 2900.
June 14, 2013 / 14:13 IST
Prabhudas Lilladher reports on Infosys:
According to BSE filing by Infosys, the Company announced salary increments for all eligible employees, across the Company, for FY14. The Company announced an average increase of 8% for employees based in India. Employees based in other geographies, who have not been covered by salary increments in February 2013, can look forward to an average increase of 3%. These increments will be effective July 1, 2013. The Global sales force will see an average increase of 8% which will be effective May 1, 2013. We see this as the first among many steps taken by the changed management in order to increase confidence of various stakeholders (Employees, Clients and Investors) in the company. Retain .BUY.Valuation and Recommendation. BUY with a Target Price of Rs 2,900: We expect more tough decision from the new management. We expect a systematic approach to address the concerns of all the stakeholders by the new management. We retain our “BUY” rating with a target price of Rs 2900, 16x FY14E earnings estimate. 
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