UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Infosys Ltd. Following Positive 1Q Results

In a report published Friday, Jefferies analyst Vishal Agarwal reiterated a Buy rating on

, and raised the price target from $51.00 to $57.00. In the report, Jefferies noted, “Infosys' 1Q was a positive surprise on revenue, margins and guidance, reflected in the stock as well. Given the volatile macro, it was a surprise that the discretionary services did well this quarter, while the bread-and-butter part was steady. With large deal wins continuing (seven in 1Q), we are positive on volume growth and the resultant operating leverage. Remain positive with a medium-term view as the demand cycle turns in favour.” Infosys Ltd. closed on Thursday at $44.04.