Buy Infosys; target of Rs 1340: P Lilladher

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   Prabhudas Lilladher's report on Infosys

"Infosys Q1FY16 was one of the strongest beat to consensus expectation since GFC (Great Financial Crisis). We believe stable management, crystal vision, and smooth execution of Infosys has put the company in early revenue upgrade cycle. Moreover, in our opinion weak performance by other technology majors in Asia Pacific put Infosys into the sweet-spot wherein Fund Managers (FMs) would rush-in with their Technology investment towards Infosys. We see a case of strong outperformance for Infosys as funds chase accelerated revenue growth."

"We expect Infosys to deliver 9.5% YoY revenue growth in FY16 which will be accelerate to 15% in FY17. In a growth starved world staring at deflationary-risk, we expect funds to chase the companies with accelerated revenue outlook. Hence, we expect Infosys to see a re-rating through the course of FY16. Infosys is expected to deliver low teen revenue CAGR with mid-teens earnings CAGR over FY15-17. Infosys is in an early UPGRADE cycle, hence poised for re-rating", says Prabhudas Lilladher research report.

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