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This is an archive article published on July 13, 2011

Goldman Sachs cuts Infosys stock target

Goldman Sachs has cut stock price target for Infosys Technologies to Rs 3,330.

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Goldman Sachs has cut stock price target for Infosys Technologies to 3,330 rupees from 3,520 rupees but maintained its 8216;buy8217; rating on the stock,citing weak first-quarter earnings and cautious guidance from the company.

Lack of upward revision in dollar revenue guidance for FY12 and muted 2QFY12 have not been taken positively by the market,it said.

However,we see no significant downside risk to consensus FY12 earnings per share,the Wall Street bank said in a note. But Goldman has cut its revenues and EPS estimates 3 percent and 5 percent,respectively,over the next two fiscal years on a lower first quarter runrate and cautious commentary by the management.

At 10.05 a.m.,the stock was down 0.35 percent at 2,781.85 rupees.

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