Infosys downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Alok Srivastava downgraded Infosys to Neutral from Outperform with a price target of INR 1,240, down from INR 1,760, following the "big miss across the board" in Q4. The company is seeing near-term demand pressure much higher versus earlier expectations, the analyst tells investors in a research note. The firm expects Infosys’ multiples to "come off as its premium valuation was on account of superior growth against its own recent past and against its top peers, both of which are now under question." It expects the stock to "remain sideways" as long as U.S. demand uncertainty persists.