Jefferies Starts Infosys Technologies (INFY) at Hold

Jefferies initiates coverage on Infosys Technologies (NASDAQ: INFY) with a Hold.

The firm cites:

• Macro environment assumed to remain uncertain for some time to come
  
• Revenue growth estimate of ~17% CAGR (USD terms) over FY11-13E
  
• Factoring in margin decline of ~200bps given higher investments in S&M, local hiring overseas, non-linearity and solutions
  
• No acquisitions baked into projections

For an analyst ratings summary and ratings history on Infosys Technologies click here. For more ratings news on Infosys Technologies click here.

Shares of Infosys Technologies closed at $52.41 yesterday.

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