Infosys Technologies: back in the reckoning

Infosys shares rose 3.5 per cent to Rs 2,807.25 on Monday, extending gains from Friday, even as most top brokers kept ratings unchanged after the company’s better-than-expected third quarter results. However, most broking firms upgraded their price targets for the stock. While most analysts cheered the October-December results, they said the stock’s rally on Friday factors in the optimism surrounding the stronger-than-anticipated earnings. Nomura said while dollar revenue forecasts by the company was a surprise, the guidance for margins disappointed. Barclays said the company’s revenue trajectory had moved into a 'different orbit' and the stock should quote at higher multiples.(Click on graphics)