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Last Updated : Apr 15, 2019 03:43 PM IST | Source: Moneycontrol.com

Sell Infosys; target of Rs 700: Dolat Capital

Dolat Capital is bearish on Infosys has recommended sell rating on the stock with a target price of Rs 700 in its research report dated April 12, 2019.

Broker Research @moneycontrolcom
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Dolat Capital's research report on Infosys


We believe that higher sub-contracting cost, higher attrition, implied investment and localisation in the medium term will lead to margin pressure in FY20 for INFY. We expect INFY to report margins towards the mid-point of its guidance in FY20. We downgrade our earnings estimates by 12%/11.5% for FY20/FY21, primarily because of rupee appreciation and margin headwinds going ahead. We change our rupee assumption to ` 70 for FY20/FY21 as compared to ` 74/` 76 earlier which led to major downgrade in our earnings estimate.


Outlook


We downgrade INFY to SELL with revised TP of ` 700 (` 840 earlier) based on 17x one-year fwd. PER.


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.

First Published on Apr 15, 2019 03:43 pm
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