Infosys downgraded to Neutral from Buy at Nomura

Nomura downgraded Infosys to Neutral from Buy with a price target of INR 1,290, down from INR 1,660, following a Q4 report that the firm calls a "miss on all fronts." Infosys’ guidance of 4%-7% year-over-year revenue growth in constant currency for FY24 and its deal wins "indicate a weak outlook" and the wider-than-typical FY24 revenue growth guidance band "represents higher uncertainty in the demand environment," the analyst tells investors.