Nomura on Infosys
Buy Call, Target Raised To Rs 1,950
Q1FY25 Was An All-round Beat
Surprise Revenue Guidance Driven By Strong Start, Deal Wins, & Acquisition Integration
Project Maximus’ Impact On Margin Continues To Play Out
Raise Our FY25-26 EPS By Nearly 2-3%, Reiterate As Top Pick
Jefferies on Infosys
Buy Call, Target Raised To Rs 2,040
Q1 Beat Estimates, Driven By Strong Revenue Growth Of 3.6% QoQ
Co Has Raised Its FY25 Growth Guidance Which Seems Conservative In Context Of Strong Deal Wins
Initial Signs Of Recovery In BFSI, Strong Deal Wins Suggest The Worst Is Behind
All-Round Improvement In Operating Performance Suggest The Worst Is Behind
Raise Estimates By 3-4% & Expect Co To Deliver 10% EPS CAGR Over FY24-27
Bernstein on Infosys
Outperform Call, Target Raised To Rs 2,100
Delivered Its Strongest Beat In 10 Quarters In Q1 Across Revenue, Margin & EPS
FY 25 Revenue Guidance Was Raised To 3% To 4% YoY CC (From 1% To 3%)
Deal Momentum Was Strong At $4.1 Bn TCV With Net New Of 57
See Beginning Of An Upcycle Trend As Growth Recovers, BFSI Inflects & AI Deals Scale Up
JPM on Infosys
OW, TP Rs 1950
1Q perfect foil to a poor 4Q24, handsomely beating rev/margin/EPS/FCF &upgrading guide with some +ve one-off revenues/margins
Cos’ new revenue guidance of 3-4% parses out as 2.3-3.3% organic implies 0.8-1.5% CQGR
GS on Infosys
Buy, TP Rs 1870
1Q beat: Upside risks to guidance
INFY 1Q, coupled with commentary from some of its peers, suggest demand environment is incrementally getting better
Expect FY25E reve growth for Infy/sector to be c.400 bps higher vs FY24
CITI on Infosys
Buy, TP raised to Rs 1850
1Q revenue came in well above expectations; Deal TCV +87% yoy LTM.
Margins were slightly ahead, aided by one off.