UPDATE: Barclays Downgrades Infosys to Equal Weight Following Guidance Mix

Barclays reduced its rating on Infosys INFY from Overweight to Equal Weight as guidance misses continue. Barclays commented, "Infosys continued its string of disappointments with another quarter of guidance miss. However, we believe the company's aggressive pricing and willingness to sacrifice margins should imply either a market share gain for Infosys or a significant pressure on sector margins. Full year guidance still implies aggressive growth going forward, which could be underestimating risks. Post results, we reduce our EPS estimates by 6.2%/10.7% for FY13/14 and reduce our target price to Rs2,300 (implied P/E of 13x FY14E EPS)." Infosys closed at $38.75 on Thursday.