Jefferies Downgrades Infosys Technologies (INFY) to Hold

Jefferies downgraded Infosys Technologies (NYSE: INFY) from Buy to Hold with a price target of $59.00 (from $60.00).

Analyst Atul Goyal comments, "We downgrade Infosys to HOLD as its recent performance has pulled it closer to our PT and it lacks near-term catalysts for revenue growth / margin outperformance. At 15.2x FY16E EPS (for EPS growth of 12.7% for FY15 and 11.7% for FY16), the stock lacks upside. We lower FY15/16 revenue and EPS estimates and lower PT to INR3,520. For the new management, opportunities are not without challenges."

For an analyst ratings summary and ratings history on Infosys Technologies click here. For more ratings news on Infosys Technologies click here.

Shares of Infosys Technologies closed at $58.31 yesterday.

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