Infosys (INFY) revealed that it has been chosen by Posten Norge, a Nordic postal and logistics group, as a strategic partner to enable AI-powered, digital transformation of its IT Service Management capabilities.
Per the terms of the deal, Infosys will set up a best-in-class IT Service Desk and apply its expertise to transform Posten Norge’s IT processes. Furthermore, Infosys will speed up the implementation of ServiceNow, an industry-leading IT Service Management platform.
Infosys provides consulting technology and next-generation digital services in North America, Europe, and India. It bills itself as a leader in next-generation digital services and consulting. (See INFY stock charts on TipRanks)
Karmesh Vaswani, EVP & Global Head of Consumer, Retail and Logistics Industries at Infosys, commented, “The speed, agility, and efficiency that the suite of solutions powered by Infosys Cobalt will provide to Posten will be pivotal in delivering a best-in-class customer experience that will set it apart from the competition.”
He further added, “As part of this collaboration, we also look forward to developing digital solutions for our customers by combining the complementary capabilities of the two organizations.”
Following the company’s recent results announcement, Stifel Nicolaus analyst David Grossman maintained a Hold rating and a price target of $22 on Infosys.
Grossman commented, “Management’s tone on this morning’s call was positive, reiterating well-known themes (accelerating demand for transformational services, particularly cloud) and the ramp of strong FY21 (Mar) bookings.”
He further highlighted, “There was considerable focus on elevating attrition rates and wage pressures; however, as we discuss below, tight labor markets generally reflect inflection points in demand and should favor the larger, better-managed vendors like INFY (ACN, EPAM also fit this profile in our coverage).”
Consensus among analysts is a Hold based on 3 Holds and 1 Sell. The average Infosys price target of $22.50 implies that the shares are fully-values at current levels.
TipRanks data shows that financial blogger opinions are 88% Bullish on INFY compared to a sector average of 69%.
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