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

Infosys Limited (NYSE:INFY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $17.00 price target on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.86% from the company’s current price.

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.”

A number of other equities analysts have also weighed in on the company. J P Morgan Chase & Co lowered Infosys Limited from an “overweight” rating to a “neutral” rating in a research note on Monday, August 21st. Deutsche Bank AG raised Infosys Limited from a “hold” rating to a “buy” rating in a research note on Monday, August 28th. Cantor Fitzgerald reissued a “hold” rating and set a $15.00 price objective on shares of Infosys Limited in a research note on Friday, July 14th. BidaskClub raised Infosys Limited from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, HSBC Holdings plc raised Infosys Limited from a “hold” rating to a “buy” rating in a research note on Thursday, June 8th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Infosys Limited has an average rating of “Hold” and a consensus target price of $15.34.

Shares of Infosys Limited (NYSE:INFY) traded down 0.236% during mid-day trading on Tuesday, reaching $14.765. The company had a trading volume of 973,091 shares. Infosys Limited has a 1-year low of $13.42 and a 1-year high of $16.71. The stock’s 50-day moving average price is $15.11 and its 200 day moving average price is $15.16. The company has a market capitalization of $33.75 billion, a PE ratio of 15.558 and a beta of 0.79.

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

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Institutional investors have recently made changes to their positions in the company. Kernodle & Katon Asset Management Group LLC acquired a new position in Infosys Limited during the 1st quarter worth about $100,000. PNC Financial Services Group Inc. lifted its stake in Infosys Limited by 82.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,547 shares of the technology company’s stock worth $120,000 after acquiring an additional 3,400 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Infosys Limited by 198.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,967 shares of the technology company’s stock worth $120,000 after acquiring an additional 5,295 shares in the last quarter. Equity Investment Corp Acquisition Inc acquired a new position in Infosys Limited during the 2nd quarter worth about $151,000. Finally, Personal Capital Advisors Corp acquired a new position in Infosys Limited during the 2nd quarter worth about $166,000. 19.86% of the stock is currently owned by institutional investors and hedge funds.

Infosys Limited Company Profile

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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