Rochester,NY 8/29/2009 12:57:10 AM
Morgan Stanley.,MS-Infosys rating cut by Morgan Stanley analyst
Morgan Stanley
Morgan Stanley analyst Vipin Khare warned this morning by cutting his rating on Infosys (INFY) to Underweight from Equal Weight, cautioning investors that Indian IT services company’s shares have been “defying gravity.”
“We believe valuations for Infosys appear rich and near-term risk/reward is turning unfavorable,” he wrotes in a research note. “Lack of visibility on ramp-ups from existing clients remains the single biggest headache for managements across IT companies. Though there could be upside to current FY11 estimates, it may not be enough to provide any additional trigger to the stock at current prices.”
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