BoB Capital Initiates Buy On Large Cap IT Stock, Likely to Give 37% Return

BoB Capital, a renowned brokerage firm, has initiated a "Buy" on Infosys Ltd. (INFO), a large-cap IT sector stock. The brokerage has assigned a target price of Rs. 1,760 apiece to stock with a Buy rating. Considering the given target price, the stock is likely to give a robust return of up to 37% if it is purchased at the current market price.

BoB Capital Maintain BUY with Rs. 1,760 apiece target price

BoB Capital said, "The stock is trading at 17.3x/14.8x FY24E/FY25E EPS. Despite INFO's cautious outlook on a few verticals, we believe its strength in managing the twin journeys of digital transformation (Cobalt) and cost takeout will drive growth leadership. We maintain our BUY rating and continue to value the stock at 20.5x FY25E EPS, translating to an unchanged TP of Rs 1,760."

Stock Outlook

The last traded share price of INFO is. Rs. 1,2691.95 apiece, up 2.05% as compared to its previous close of Rs. 1,266.95 apiece. It has given 3.75% positive return in the past 1 month.
The stock has given 12.52% negative return in the past 1 year. However, it gave a positive return in the past 3 and 5 years. It gave 86.68% return in 3 years and 105.32% in 5 years, respectively.

Its 52-week high is Rs. 1,672.60 apiece recorded on December 01, 2022 and its 52-week low is Rs. 1,185.30 apiece recorded on April 17, 2023, respectively. Infosys has a market capitalisation of Rs. 5,35,973 crore.

Disclaimer - This IT Stock has been picked from the brokerage report of BoB Capital. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.