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Infotech Enterprises hit by MStanley downgrade
Reuters Market Eye - Morgan Stanley downgrades engineering software services provider Infotech Enterprises (INFE.NS) to "equal weight" form "overweight", while maintaining its target price at 220 rupees, citing concerns about margins after a meeting with management.
The investment bank worries the "strong" headcount addition seen in the first half of the year will come without a corresponding increase in revenues or project starts.
Morgan Stanley says it believes management is looking to achieve revenue growth towards the lower end of 11-14 percent in fiscal 2013.
However, the investment bank warns "Infotech would need steep improvement in revenue growth" to more than around 5 percent quarter-on-quarter in the second half to achieve 11 percent revenue growth in fiscal 2013.
Infotech Enterprises shares were down 1.9 pct as of 3.09 p.m.
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