Infosys price target lowered to $18 from $21 at BMO Capital

BMO Capital lowered the firm’s price target on Infosys (INFY) to $18 from $21 and keeps a Market Perform rating on the shares after its Q4 earnings miss. While Accenture’s (ACN) February quarter bookings were solid, the IT Services demand backdrop has deteriorated since the beginning of the year, the analyst tells investors in a research note. Infosys missed the quarter and guide due to a worsening backdrop including deal cancellations, shrinking budgets, and delayed decisions, BMO added.