Infosys Technologies (INFY)

We are upgrading Infosys (INFY - Analyst Report) to an Outperform rating with a target price of $57. Through the ongoing economic downturn, the company has invested in Research & Development as well as intellectual property-based solutions. It continues to focus on large deals targeted at organizational transformation where there is a dearth of vendor talent.

The company continues to win new customers and manages to keep its order book healthy. It is increasing its presence in the emerging markets of Mexico, Brazil, China and India from where an increasing proportion of revenue can be sourced in the coming years.

Finally, its solid balance sheet and cash flow generation provides support to our estimates.

Infosys Technologies (INFY) : FULL ANALYST REPORT

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