UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Infosys Ltd. on Volume Growth

In a report published Monday, Jefferies analyst Atul Goyal reiterated a Hold rating on

, and raised the price target from $31.50 to $33.40. In the report, Jefferies noted, “The positive surprise was driven by volume growth (+4.2% QoQ) in a seasonally weak Dec quarter, revenue was in line. Margins were slightly ahead but helped by reversal of earlier provisions. Large deal wins seem to have materially slowed down, signing TCV of USD230mn lower than USD500-700mn over past few quarters. Stock performance on result day was largely a function of low expectations, further upside would need incremental proof of performance.” Infosys Ltd. closed on Friday at $33.56.