Hold Infosys; target of Rs 1180: ICICI Direct

ICICI Direct's research report on Infosys

We attended Infosys’ analyst day, wherein the management detailed its four pillar strategy- 1) scaling agile digital business (current run rate- US$2.8 billion in revenue), energising the client’s core technology landscape via AI & automation, reskilling its employees, and expanding localisation in markets like the US, Europe and Australia.

Outlook

We estimate Infosys will report rupee revenue CAGR of 9.3% in FY18-20E. We maintain our HOLD rating on the stock and revise our target price to | 1180 (16x FY20E EPS, in line with its five-year average). For all recommendations report, click here

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