UPDATE: Jefferies Raises PT on Infosys Ltd. on Improving Trends
In a report published Thursday, Jefferies analyst Vishal Agarwal reiterated a Buy rating on Infosys Ltd. (NYSE: INFY), and raised the price target from $57.00 to $58.00.
In the report, Jefferies noted, “For some time now, we have maintained that the best of both worlds are coming together for the Indian IT sector - a recovery in demand along with a sustainably weak rupee. We now model in Rs60 over FY14 and Rs63 beyond that, leading to a significant bump-up in our numbers. Given improving trends, we are also upgrading Tech Mahindra to Buy (from Hold). IT stocks have done well; however, we believe that there is more steam left.”
Infosys Ltd. closed on Thursday at $46.46.
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