CLSA also upgraded Infosys to "outperform" from "under-perform".
Infosys shares were seen trading at Rs 2818, higher by 3.90% on BSE at 10.35 am IST. It touched an intraday high of Rs 2835.
The stock had rallied almost 17% in one day on Friday last week after the company reported better than expected results. The company reported with profit after tax at Rs 2369 crores for Q3 FY 2013, against consensus estimates of around Rs 2,200 crores.
As per reports, the company on its recent surge had added over USD 4 billion to India's second largest IT major's market capitalization and also reversed its last year's decline.