ICICI Direct recommends Infosys as Strong Buy

ICICI Direct has adjusted their FY12E and introduced FY13E estimates. Their estimates assume 18%/13.5% CAGR rupee revenue/EPS growth during FY10-FY13E. They have valued Infosys at 20.9x its FY13E EPS of 160, a discount relative to its historical one year average forward PE of 22x, to account for the longer time horizon. Consequently, they have changed their rating to STRONG BUY with a 12 month target price of | 3350 per share.

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