Citigroup Research analysts have downgraded Infosys Technologies Target price from Rs 2,580 to Rs 2,400. Citi analysts have discussed with the management of Infosys who see robust demand but rising rupee is a concern. Infosys is likely to report an EPS of Rs 80.20, Rs 97.48 and Rs 110.64 for FY2007, FY2008 and FY2009. Thus Citi analyst have revised the target price downwards to Rs 2,400.
In an earlier report released early this morning, Citi analysts see the Indian Rupee stronger against US Dollar which will hurt companies like Infosys and TCS.