Most Infosys analysts maintain their stance on the stock as focus shifts to FY25

Deal wins during the quarter stood at $3.2 billion. 71% of those deals were net new, including one large deal in the last quarter, the company said. The quarter also saw termination of the MoU with the global client which had a revenue potential of $1.5 billion.

Bernstein: The December quarter was less about results but the set up for FY25, said Bernstein in its note.

The US broking firm sees growth acceleration in FY25 (easing comps) as macro recovers. It also expects the third quarter to be close to bottom.

The brokerage has an "Outperform" call on the Infosys stock, with a target of ₹1,740 per share.

Jefferies: Brokerage firm Jefferies has maintained its buy rating on Infosys with a price target of ₹1,740. The brokerage said that the continued headcount decline suggests that growth pick-up is unlikely in the near-term. It has raised its estimates by up to 2% to factor the beat.

Jefferies noted that the company's strong deal wins provide comfort on its expectation of 13% EPS CAGR over FY24 to FY26.

Nomura: According to Nomura, the December quarter showed good execution and net new deal wins. There were no signs of discretionary demand revival, the brokerage said.

Nomura is neutral on Infosys with a price target of ₹1,500.

DAM Capital: DAM Capital upgrades Infosys to 'buy' from 'neutral', and has raised target price to ₹1,750 from ₹1,530 per share. The brokerage said that Infosys continued its momentum on deal wins and it sees an increasing visibility for better FY25.

"With current deal wins start ramping up, Infosys can again report relatively strong revenue growth in FY25," it said.

Nuvama: Domestic brokerage house Nuvama Institutional Equities expects to see the third quarter of this fiscal to be the bottom for the earnings downgrade cycle for Infosys and the sector. "We have stayed positive on the sector through the year, and expect the strong deal wins of the last few quarters to gradually convert into revenue in coming quarters, even as the US macro becomes favourable," it said.

Over the last six months, Infosys has significantly underperformed peers and is now trading at attractive valuations versus TCS and HCL Tech, the brokerage said while maintain a 'Buy' rating on the stock. Nuvama has revised its target price on Infosys to ₹1,850 from ₹1,800 per share earlier.

Out of the 45 analysts that track Infosys, 25 continue to have a "buy" recommendation on the stock, 12 say "hold," while eight of them have a "sell" rating.