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Buy Infosys, target of Rs 1824: KRChoksey

Posted on: July 13th, 2009 and is filed under Brokerage Recommendations.

KRChoksey has maintained its buy rating on Infosys Technologies with a revised price target of Rs 1824 in its report dated June 10, 2009.

“Infosys Technologies Q1FY10 net profit at Rs 1,302 crore was 13.2% higher than guidance of Rs 1,349 crore and well above street estimates. This was mainly aided by operating margin improvements of 367 bps to 34.1%. The operating performance was led by a deferral of specific sales and marketing expenses by a quarter. We have witnessed delays in growth on the back of deteriorating business cycles and worsening global economy variables and hence maintain our cautious view on IT industry. We maintain our ‘BUY’ rating on Infosys and revise our price target to Rs 1,824 after factoring its recent out-performance, proven execution abilities and better cost management abilities, and strong cash flow in challenging times makes it the most favored player in the IT Industry. In the event of any significant correction in the stock price, we would be buyers,” says KRChoksey’s report.

source: Moneycontrol

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