UPDATE: Barclays Upgrades Infosys to Overweight on Strong Q3 Results
Barclays upgraded Infosys Limited (NASDAQ: INFY) from Equal-weight to Overweight.
Barclays commented, "Infosys' strategy of a higher flexibility towards new deals and focus on client acquisition bore first positive results as the company delivered growth well ahead of estimates. In addition, new deal signing showed a significant pick up, pricing also exhibited a mean reversion and company raised its FY13 revenue guidance slightly. We believe that the results signal a revival for Infosys and upgrade our US$ revenue growth forecast to 14% CAGR in FY13-15 (from 10%). Despite a 17% jump in the share price on Friday, we believe that the change in revenue trajectory could lead to further positive surprise in growth and the stock could trade at higher multiples."
Infosys closed at $43.95 on Friday.
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