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Infosys shares rose on Monday after Citi maintained a 'buy' rating on the IT major with a target price of Rs 1,725, implying more than 14 percent upside from its closing price on Friday. The brokerage highlighted that the Infosys management is confident on delivering on its revenue guidance for the year ending March 2023.

The Infosys stock rose as much as 2.2 percent to Rs 1,545 apiece on BSE.

The software exporter's margin, however, will likely be at the bottom end of its guidance band of 21-23 percent for the year, according to the brokerage.

Citi sees a prolonged slowdown in the US and European markets, a stronger rupee and immigration reforms as key risks for the IT sector.

See live updates on Infosys share price here

Bank of America (BofA) Securities maintained a 'neutral' call on Infosys with a target price of Rs 1,535.

The brokerage said the company's strong deal pipeline provides good visibility for the September quarter and the rest of the financial year. It also said that mini headwinds in demand remain confined to lending or mortgage sub-segments of financial services and retail.

Tailwinds for the Infosys stock, according to BofA, include pyramid improvement and employee utilisation. It also said that investments in Europe could help the company on a mid-term basis.

BofA sees the remaining component of the annual hike, and a potential increase in travel and facility expenses as key headwinds for the company.

Meanwhile, Infosys' share buyback period cooled off on Wednesday, September 8, 2022. In September 2021, Infosys bought back over 5.58 crore equity shares as part of its buyback offer worth around Rs 9,200 crore.

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First Published:Sept 12, 2022 11:04 AM IST