BofA-ML maintains ‘buy’ on Infosys; raises target price to Rs 3350
The investment bank has also upped the price target of the IT major from Rs 2950 earlier to Rs 3350, citing an uptick in deal momentum.
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| Updated:
| Updated: NEW DELHI: Bank of America Merrill Lynch ( BofA-ML) maintains a ‘buy’ rating on Infosys, the investment bank said in a report on Monday.
At 10:20 am, Infosys was trading 0.5 per cent lower at Rs 2868.90. It has hit a low of Rs 2853 and a high of Rs 2890 in trade today.
The investment bank has also upped the price target of the IT major from Rs 2950 earlier to Rs 3350. The brokerage maintains Infosys as their top pick in the IT sector, as uptick in deal momentum continues.
BofA-ML expects margins to expand by 70-80 bps in next two fiscals and hence upped EPS forecast by 3-4 per cent.
According to the investment bank, volatility around fourth quarter results might provide compelling buying opportunity to investors. BofA-ML sees high chance of Infosys discontinuing with their annual guidance going forward.
At 10:20 am, Infosys was trading 0.5 per cent lower at Rs 2868.90. It has hit a low of Rs 2853 and a high of Rs 2890 in trade today.
The investment bank has also upped the price target of the IT major from Rs 2950 earlier to Rs 3350. The brokerage maintains Infosys as their top pick in the IT sector, as uptick in deal momentum continues.
BofA-ML expects margins to expand by 70-80 bps in next two fiscals and hence upped EPS forecast by 3-4 per cent.
According to the investment bank, volatility around fourth quarter results might provide compelling buying opportunity to investors. BofA-ML sees high chance of Infosys discontinuing with their annual guidance going forward.
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