Infosys price target raised to $21 from $20 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Infosys to $21 from $20 and keeps a Market Perform rating on the shares. The analyst cites the company’s upside to revenue expectations in constant currency along with raised guidance for the March quarter as its execution held up well in a more challenging backdrop. While he continues to believe that demand will weaken for services more broadly over the next 12 months, Infosys growth may benefit from prior deal wins and vendor consolidation, Bachman tells investors in a research note.