Infosys downgraded to Neutral at Citi after ‘very weak’ Q4 report

Citi analyst Surendra Goyal downgraded Infosys to Neutral from Buy with a price target of INR 1,400, down from INR 1,675, after the company reported what the firm calls "a very weak" Q4. The firm has been cautious on IT, but previously had "a relatively positive view on Infosys," but it now says that the outlook "seems worse than expected," in the near-term there is significant uncertainty, Infosys’ execution is "weak," and "multiples are high in that context," the analyst tells investors.