UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Infosys Ltd.
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Infosys Ltd. (NYSE: INFY), and raised its price target from $41.00 to $50.00.
BMO Capital Markets noted, “Amid low investor expectations, partly due to cautious comments from INFY in early Dec, INFY reported a very solid Q. Strong growth in Europe and significant improvement in realization helped INFY beat our and Street expectations comfortably. We expect INFY's revenue momentum to continue in FY2014 and hence have raised our estimates significantly. We think that INFY will have to deliver another few strong Qs before it regains its competitive position relative to CTSH and TCS in investors' minds, in our view.”
Infosys Ltd. closed on Friday at $52.22.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.