Arihant capital has recommended hold rating on Infosys with a target price of Rs 3586, in its research report dated July 11, 2014.
"Infosys has delivered good set of numbers with a top line growth of 2% qoq at $2,133mn. Rupee revenues, due to rupee appreciation, declined 1.2% qoq to Rs 12,875cr. Company reported 2.9% qoq growth in volumes and of this offshore segment reported 3.2% growth, while onshore segment reported 2.2% growth qoq. Utilization level (ex‐trainees) is at all time high of 80.1%. Company has aggressive hiring plans in FY15 to avoid facing shortage of talent."
"Infosys's guidance for FY15 signifies the likely accrual of benefits coming from productivity improvement measures it has taken in recent times. Company is expected to benefit from tailwinds like retrenchment of non‐performers, scope for effort mix shift and improvement in utilization rates over long term. However given the management's commentary on flat operating margins for FY15, we have reduced our FY15 earnings estimates by 4%. We have valued stock on P/E(x) of 16.0x its FY16E earnings and have arrived at fair value of Rs 3,586 per share. At CMP Rs 3,236, stock trades at 14.7(x) its FY16 earnings. We maintain HOLD rating on stock", says Arihant capital markets research report.
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