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Shares of Infosys Ltd climbed as much as 2.1 per cent to Rs 1,274.7, highest since June 18. The stock posted biggest intraday percentage gain since June 15 and was on track for a fourth straight session of gains.
Morgan Stanley has raises the price target to Rs 1,360 from Rs 1,261. The brokerage says it is less worried about management stability at this moment, but believes acceleration in growth maybe gradual. It has raised FY19-21 EPS estimates by 4-5 per cent to reflect the currency tailwinds.
It says gradual recovery in revenue growth, and currency tailwinds support margins in F19, and strong yield supports “overweight” rating.
About 35 of the 46 analysts covering the stock have “buy” or higher ratings, 6 “hold”, and 5 “sell” or lower ratings; their median price target is at Rs 1,285, according to Thomson Reuters data.
The stock had risen nearly 21 per cent this year as of Friday, compared with 18.1 per cent gain for Nifty IT index.
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