We are upgrading Infosys (INFY) 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.

Zacks Investment Research

1. (INFY) Infosys Technologies Limited’s BPO Subsidiary Acquires McCamish SystemsInfosys BPO Limited, the business processing outsourcing subsidiary of Infosys Technologies Limited (INFY), announced the...
2. (INFY) Infosys Technologies Limited Beats Consensus EstimatesInfosys Technologies Limited (INFY) reported earnings per share of 56 cents, ahead of the Zacks...
3. (INFY) Investing in Emerging Markets: Three Reasons Why You Should Buy India, Not Chinaby Karim Rahemtulla, Advisory Panelist India has come a long way since 1997. The year...
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6. (CTSH) Cognizant Plans to Hire in U.S.Cognizant Technology Solutions (CTSH) recently announced expansion of operations at its Phoenix delivery center. New...

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