Kotak Securities Assigns Buy On This Large Cap Stock Post Q3 Result Announcement

Kotak Securities has placed a buy on Infosys Ltd. post Q3 Result announcement. The brokerage has estimated a target price of Rs 1,775/share for the stock of Infosys. Stock purchased at the current market price is likely to give a return up to 21%. Infosys is one of the largest Information Technology (IT) companies in India. The company provides technology, consulting, outsourcing and next-generation digital services to clients. It is a large-cap company having a market capitalisation of Rs 6,19,686 Crore.

Stock Outlook & Returns

The current market price (CMP) of Infosys is at Rs 1,473.05 per share on NSE, trading 0.51% down from the previous close of Rs 1,480.60 per share. The stock is trading near its 52 week low which is Rs 1,355 per share recorded on 26 Sep' 2022. The stock hit its 52 week high on 17 Jan' 2022 at Rs 1,953.90 per share. 
The stock surged 1.83% in a week, however, it fell 6.18% in the past 1 month. It gave 3.88% positive return in the past 3 months, whereas, it fell 22.24% in the past 1 year. It has given 90.68% in the past 3 years and 173.54% positive returns in the past 5 years.

Kotak Securities maintains buy with Rs 1,775/share target price

According to the brokerage, Infosys revenue growth beat our estimates, while margins missed marginally. It raised revenue growth guidance once again, creditable. Deal wins were strong, albeit with higher renewal component. Many verticals are slowing down and consistent with our view of growth moderation in FY2024E. Infosys' strength in managing the twin journeys of digital transformation and cost takeout will drive growth leadership. "We raise FY2023-25E EPS by 1% on the back of change in Fx forecast. Fair Value increases to Rs1,775 on unchanged target multiple of 25X," the brokerage has said.

Disclaimer

The stock has been picked from the brokerage report of Kotak Securities. 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.