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4 years ago
MARKET EYE-BNP Paribas upgrades Infosys to 'buy' ahead of earnings
October 7, 2013 / 4:59 AM / 4 years ago

MARKET EYE-BNP Paribas upgrades Infosys to 'buy' ahead of earnings

* BNP Paribas upgrades Infosys Ltd to "buy" from
"hold" and raises its target price to 3,550 rupees from 2,450
rupees ahead of the company's September-quarter earnings on
Friday.
* "Despite Infosys's recent struggles, we believe an uptick in
demand, renewed focus on traditional service lines and cost
initiatives will lead to revenue growth stabilising and
currently depressed quarterly margins recovering. This in turn
should lead the stock to re-rate," BNP said in a note.
* BNP adds there is improvement in the core markets of Infosys
and it may raise its FY14 dollar revenue growth guidance in the
second-quarter results.
* Infosys shares rose just 0.3 percent in the previous week,
underperforming the BSE benchmark for IT sector which
rose 2.4 percent in the same period.
* Infosys shares are up 0.14 percent at 0441 GMT.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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