Investec has maintained its ‘Sell’ rating on Infosys, lowering the target price to Rs 1,700 from Rs 1,720. Despite Infosys delivering the best H1 FY25 performance among its peers, driven by a strong deal backlog, the brokerage sees no meaningful catalysts in the second half of the fiscal year. The firm also highlighted weak deal wins in Q2 FY25 and muted EBIT percentage tailwinds, with management commentary remaining cautious on discretionary demand.
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