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June 12, 2001
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Money > Reuters > Report June 12, 2001 |
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WR Hambrecht raises Infosys ADR price target to $80WR Hambrecht & Co said it has raised its 12-month price target on Indian software firm Infosys Technologies American Depositary Receipts to $80 from $65. This target is 13 per cent higher than the Nasdaq-listed ADRs' closing price on Monday of $70.7. WR Hambrecht also reiterated its buy recommendation on Infosys' ADR, in a June 11 report. In April, it had raised its rating to buy from neutral. Investment bank Merrill Lynch in a June 5 report, put the Bangalore-based software services firm in a global list of top 23 technology stocks to hold in the long-term. "Although the new price target represents limited upside potential, we remain optimistic, because we expect incremental estimate increases over the next several quarters," WR Hembrecht said. Over the past four to six weeks, Infosys had closed five large contracts, four for US-based customers, the report pointed out. "This marks an improvement over the last quarter, when decisions on most large projects were deferred," it said. The software firm has a 9,800 workforce, and boasts many Fortune 500 clients like Cisco and Nortel.
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