Hold Infosys, target of Rs 1234: Reliance Money
Reliance Money has maintained its hold rating on Infosys Technologies with a target price of Rs 1234 in its March 4, 2009 research report. “Our discussion with Infosys’ management reaffirmed our negative view on the sector in the medium term; with across the industry decline in the IT budgets coupled with pricing cut will likely to reflect in more depressing financials in the coming quarters. We expect Infosys to guide for a more flat to marginal negative growth in revenues for FY10E in the USD terms in April 2009 (Q4FY09 results). While at the CMP of Rs 1197, stock is quoting at reasonable valuation of 11X FY10E earning, we expect stock to remain under pressure in the medium term owing to weak market sentiments and negative newsflows.”
“Nevertheless, we still believe Infosys with strong organic led business model coupled with sound corporate governance system will continue to remain the flag bearer of Indian IT sector in the long run. We continue to maintain HOLD on Infosys Technologies with a 12 month target price of Rs 1234,” says Reliance Money’s research report.
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