Sharekhan is bullish on Infosys has recommended buy rating on the stock with a target price of Rs 920 in its research report dated July 15, 2020.
Sharekhan's research report on Infosys
Infosys reported better-than-expected results on all financial fronts despite supply-side constraints, with strong deal wins and FCF generation; EBIT margin improved by 150 bps q-o-q to 22.7%, way ahead of our estimates. Management has resumed guidance with FY2021E revenue growth guidance of 0-2% in CC; margins are likely to be at 21-23% (EBIT margin was 21.3% in FY2020). Even as reduction of IT spending is expected during 2020, Infosys is well poised to gain share in the recessionary environment and outperform peers in terms of revenue growth in FY2021E.
Outlook
We maintain our Buy rating on Infosys with a revised price target of Rs. 920.
For all recommendations report, click here
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