UPDATE: Jefferies Upgrades Infosys Limited to Buy on Solid Execution

Jefferies upgraded Infosys Limited

from Hold to Buy and lowered the price target from $64.00 to $59.00. Jefferies analyst Vishal Agarwal noted, "Management commentary is largely unchanged over the last 6-9 months; despite that the performance of the company has improved meaningfully. With deal wins in the recent past, growth will normalize. Infosys has a lot of slack with utilization ~11% below recent peaks. Our India strategist has been calling for a weaker INR over the coming years with an Overweight on Exporters. We remain positive on Indian IT with Infosys a preferred pick." Infosys Limited closed at $52.94 on Wednesday.