Brokerage house Prabhudas Lilladher is bullish on Infosys and has recommended 'Buy' rating on the stock with a target price of Rs 3920 in its research report dated June 02, 2014.
"Infosys, according to older media reports, Sikka has met Infosys' board members on several occasions in recent past and been part of various events at the company. He had also made a presentation before the Infosys board at the company's annual strategy meeting in Mysore in January. Sikka's candidature is believed to have the backing of Mr. KV Kamath and Mr. NRN, the chairman of the company's nominations committee."
"Infosys, if appoints Sikka as CEO, will be sending a strong signal to the market about their aspiration to be a global technology major and not just an Outsourcing vendor. However, if that happens, there are possibilities of few more exits in the company. We believe the evolution of recent technological trends definitely mandate Indian IT Outsourcing vendors to take a lead in innovation. But, the transition is going to be a bumpy ride for Infosys. The stock is trading at 12.8x FY16E earnings estimate (a valuation nearing multi-year low). We see limited downside and retain our "BUY" rating on the stock with a target price of Rs 3920", says Prabhudas Lilladher research report.
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