Nomura Securities Reiterates a 'Buy' on Infosys Technologies (INFY); 2Q Review

Nomura Securities reiterates a 'Buy' on Infosys Technologies (NASDAQ: INFY).

Nomura analyst, Ashwin Mehta, said, "Pessimistic overhang cleared by 2Q results with a positive surprise on guidance and strong core performance. We believe 2Q results should alleviate investor concerns over 1) structural problems at Infosys; 2) worry over pricing discounts to stay competitive; and 3) ceding of business operations growth to peers arising from a consulting-led focus. We reiterate our rating and raise our target price primarily on a roll forward to 1-yr forward earnings. Our TP of INR3,100 is based on 18x 1-year forward earnings (unchanged). Alternatively, this implies a multiple of 18x FY13F earnings, assuming a USD/INR of 47 (versus a base case of 45)."

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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