J.P. Morgan analyst Viju George this morning reduced his rating on Infosys (INFY) to Neutral from Overweight on a valuation basis following the company’s earnings report on Friday.
“Despite a flawless quarter, robust outlook and a pleasing out-of-turn dividend of 30 rupees/share, we believe that high investor expectations at current stock price limit stock upside to ~10% from a 12-month perspective,” he writes in a research note.
Nonetheless, INFY this morning is up 33 cents, or 0.5%, to $68.94.
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