Infosys upgraded to Buy from Neutral at BofA

BofA upgraded Infosys (INFY) to Buy from Neutral with a price target of INR 1,785, up from INR 1,735. Buyside FY25 expectations are already down to about 5% revenue growth and flattish EBIT margin post Accenture’s (ACN) print and the firm thinks that the upcoming earnings and guidance due next week “could provide the final cut / floor to earnings outlook,” the analyst tells investors in a preview note. While admitting that “its early days for a CY25 outlook,” the firm thinks IT services demand could come together next year, the analyst added.