Buy Infosys, target of Rs 1354: Sharekhan
Sharekhan has maintained its buy rating on Infosys Technologies with a target price of Rs 1354 in its March 04, 2009 research report. “The macro business environment has worsened further since the last commentary by Infosys Technologies’ (Infosys) management. In the recent interaction, the management has indicated higher than expected pricing pressure, project cancellations and considerable decline in the IT budgets of its clients. On the positive side, the continued depreciation in the rupee has emerged as a significant tail wind for tech companies including Infosys. The rupee has depreciated by around 6.5% in the past one month alone and is likely to remain weak. We maintain our Buy recommendation on the stock with a revised price target of Rs 1354,” says Sharekhan’s research report.
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