UPDATE: Bernstein Upgrades Infosys Ltd. (INFO:IN) (INFY) to Outperform

Bernstein analyst Rahul Malhotra upgraded Infosys Ltd. (INFO:IN) (NYSE: INFY) from Market Perform to Outperform with a price target of INR1,630.00 (from INR1,520.00).

The analyst comments "Infosys has had strong deals wins providing good revenue visibility. Infosys signed two large deals in H2 2020. Estimated size of these deals - 1) Vanguard – US$1.5Bn TCV signed in July 2020 and 2) Daimler – US$3.2Bn TCV signed in December 2020. Net new deals have been strong in 9MFY21 (up~250% yoy). We believe there is an extraordinarily high barrier to sign large deals. Only six-eight players have the ability to compete and win. Enterprises today demand integrated digital solutions at a global scale with a cloud foundation. Extraordinary scale and capabilities are required to deliver services in this complex enterprise IT setting."

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