Buy Infosys; target of Rs 1345: Axis Direct

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Axis Direct's research report on Infosys

We spoke to Infosys’ management about demand environment and near term growth/margin triggers. Management cited confidence in delivering growth in line with the guidance. We expect steady Q4FY18 performance, an early sign of pick-up in demand, as Q4 tends to be an unpredictable quarter. We expect commentary to indicate improvement in demand with continued journey of strategy execution.

Outlook

We believe stability at senior management, steady revenue growth with consistent strategic outlook over FY18-20E, better capital allocation, and improving revenue outlook will drive rerating.We retain our BUY rating with target price of Rs1,345 (17x FY20E EPS) implying upside of 16% from CMP of Rs 1,162. The stock trades at 16x/15x FY19E/20E EPS of Rs 72/ Rs 79.For all recommendations report, click here

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