Jefferies Maintains a 'Hold' on Infosys Technologies (INFY); Post-Earnings Call Thoughts

Jefferies maintains a 'Hold' on Infosys Technologies (NASDAQ: INFY) price target lowered from $67 to $64.

Jefferies analyst says, "Tone was cautious, not much different from last qtr though we believe there has been an uptick in decision-making delays on larger projects. However, no signs of project cancellations, and aggressive hiring helps to assuage near-term concern regarding industry demand. INFY's qtr was better than feared, but FX is masking margin compression, and we believe INFY must increase investment spending to move up the value chain."

"We decreased our F3Q/F12 revs from $1,870M/$7,208M to $1,823M/$7,141M but raised EPS from $0.75/$2.91 to $0.80/$3.04, due primarily to FX."

For more ratings news on Infosys Technologies click here and for the rating history of Infosys Technologies click here.

Shares of Infosys Technologies closed at $56.34 yesterday.

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