As previously reported, Morgan Stanley analyst Gaurav Rateria downgraded Infosys (INFY) to Equal Weight from Overweight with a price target of INR 1,740, down from INR 2,150. With shifts in the macro environment and technology evolution “happening fast,” the firm sees downside risks emerging for both the revenue growth of India IT services and valuation multiples, the analyst tells investors. With growth staying weaker for longer, the firm sees valuation multiples favoring stocks seeing topline growth and among large caps it prefers Tata Consultancy Services to Infosys, the analyst added.
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