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Budget 2021

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Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Buy Infosys; target of Rs 1610: ICICI Direct

ICICI Direct is bullish on Infosys has recommended buy rating on the stock with a target price of Rs 1610 in its research report dated January 14, 2021.

January 14, 2021 / 09:13 PM IST
 
 
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ICICI Direct's research report on Infosys


Infosys reported a healthy set of Q3FY21 numbers. Dollar revenues increased 5.3% QoQ vs. our estimate of 3.3% in constant currency terms. Once again in this quarter, the company has outperformed Tata Consultancy Service (TCS) in terms of revenue growth. Infosys also reported flat QoQ margins despite headwinds of large deal transition cost and higher sub con cost. In terms of guidance, the company has revised its FY21E revenues guidance upwards from 2-3% to 4.5-5% and operating margin guidance to 21-23% from 24-24.5%.


Outlook


Hence, we maintain our BUY rating on the stock with a revised target price of Rs 1,610 (25x P/E on FY23E EPS) (previous target price was Rs 1450).


For all recommendations report, click here


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.

Broker Research
first published: Jan 14, 2021 08:37 pm

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