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The outlook for the immediate future looks ominous, business strategy is getting more intricately linked to technology by the day, and demand for digitising clients’ core operations will make a swifter comeback, according to the brokerage. The current scenario clouds earnings visibility for all companies under its coverage, and its us cutting the target multiple by a modest 10% from 20 times to 18 times for Infosys.
The share price moved down by -2.40 per cent from its previous close of Rs 653.30. The last traded price is Rs 637.6. Incorporated in 1981, Infosys has a market cap of Rs 278069.62 crore.
Edelweiss has given a buy rating to Infosys with a target price of Rs 758.
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Infosys reported a decline in revenue of 0.8% QoQ in constant currency (cc) (-1.4% QoQ in dollar terms versus consensus USD decline estimate of 0.2% QoQ), as billings were impacted mainly by supply-side issues. EBIT margin at 21.2% (down 70bps QoQ) undershot Street’s estimate of 22%. The management suspended the FY21 guidance on revenue and margins citing extreme uncertainty.
The stock is trading at 17 times FY21E EPS. The brokerage has maintained buy with a target price of Rs 758 as it rolled over the valuation to Q2FY22E.