Buy Infosys; target of Rs 1280: Reliance Securities

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Reliance Securities reserach report on InfosysInfosys (INFY) posted strong quarter (adjusted for one-time fee) and maintained its FY16E guidance, implying flat growth in 2H to reach upper band of guidance. We remain positive on INFY’s growth acceleration based on 1) strong large deal wins, 2) acceleration in top-account mining, 3) robust account additions, 4) improvement in operational metrics. We maintain our BUY recommendation with Target Price of Rs1,280.We expect INFY’s US$ revenue to grow at 8%/11.9%/11.7% for FY16E/17E/18E with its growth rate expected to converge with industry. Also, earnings is likely to grow faster with margin delta in FY17E/18E; expect EPS growth of 4.5%/12%/12% in FY16E/17E/18E and we maintain our BUY on INFY with Target Price of Rs1,280.For all recommendations, 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.

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