Infosys Limited (INFY) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Infosys Limited (NYSE:INFY) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $17.00 target price on the technology company’s stock.

According to Zacks, “Infosys’ Renew New strategy has helped reap multiple benefits, including renewing traditional services, winning deals, introducing services and monetizing from key initiatives. Infosys’ new offerings under its business platforms including Edge, Panaya and Skava are helping it gain new clients. Infosys’ services and software are also proving conducive to top-line growth. The growth in the higher margin business is proving conducive to the margin expansion. The company remains confident that growth is likely to pick up in the second half of the fiscal year as regulatory norms relax and the impact of high interest rates eases. However, Infosys’ shares have underperformed the Zacks categorized IT Services industry average over the past six months. U.S. President-elect Donald Trump’s anti-immigration stance, rising costs and on-site expansion pose as major headwinds.”

Other equities research analysts have also recently issued research reports about the stock. BidaskClub raised shares of Infosys Limited from a hold rating to a buy rating in a report on Wednesday, July 12th. Deutsche Bank AG raised shares of Infosys Limited from a hold rating to a buy rating in a report on Monday, August 28th. HSBC Holdings plc raised shares of Infosys Limited from a hold rating to a buy rating in a report on Thursday, June 8th. Robert W. Baird reissued a hold rating and set a $16.00 target price on shares of Infosys Limited in a report on Sunday, September 3rd. Finally, Cowen and Company set a $15.00 target price on shares of Infosys Limited and gave the company a hold rating in a report on Friday, August 18th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $15.34.

Infosys Limited (INFY) opened at 14.80 on Tuesday. The company has a market cap of $33.83 billion, a price-to-earnings ratio of 15.60 and a beta of 0.79. Infosys Limited has a 1-year low of $13.42 and a 1-year high of $16.71. The firm’s 50-day moving average price is $15.09 and its 200-day moving average price is $15.16.

Infosys Limited (NYSE:INFY) last issued its earnings results on Friday, July 14th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Infosys Limited had a net margin of 20.95% and a return on equity of 21.37%. The business had revenue of $170.78 billion for the quarter, compared to analysts’ expectations of $170.51 billion. During the same quarter in the previous year, the firm posted $0.22 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts forecast that Infosys Limited will post $0.99 EPS for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Infosys Limited by 67.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 424,295 shares of the technology company’s stock worth $6,373,000 after purchasing an additional 171,509 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in shares of Infosys Limited in the first quarter worth $480,000. Sprucegrove Investment Management Ltd. increased its holdings in shares of Infosys Limited by 15.3% in the first quarter. Sprucegrove Investment Management Ltd. now owns 8,970,180 shares of the technology company’s stock worth $141,729,000 after purchasing an additional 1,189,000 shares during the period. Credit Suisse AG increased its holdings in shares of Infosys Limited by 26.9% in the first quarter. Credit Suisse AG now owns 4,156,373 shares of the technology company’s stock worth $65,672,000 after purchasing an additional 880,044 shares during the period. Finally, Maple Brown Abbott Ltd increased its holdings in shares of Infosys Limited by 183.6% in the first quarter. Maple Brown Abbott Ltd now owns 1,484,094 shares of the technology company’s stock worth $23,449,000 after purchasing an additional 960,723 shares during the period. 19.86% of the stock is currently owned by hedge funds and other institutional investors.

About Infosys Limited

Infosys Limited is engaged in consulting, technology, outsourcing and next-generation services. The Company, along with its subsidiaries, provides business information technology services comprising application development and maintenance, independent validation, infrastructure management, engineering services comprising product engineering and life cycle solutions and business process management; consulting and systems integration services comprising consulting, enterprise solutions, systems integration and advanced technologies; products, business platforms and solutions to accelerate intellectual property-led innovation, including Finacle, its banking solution, and offerings in the areas of Analytics, Cloud and Digital Transformation.

Analyst Recommendations for Infosys Limited (NYSE:INFY)

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