Bearishness on IT bellwether Infosys reaches highest since 2017
Infosys, the Indian information-technology bellwether, is experiencing its highest rate of "sell" ratings since 2017 due to recession concerns amid India's economy. Seven analysts downgraded the stock to a "sell" in the last month due to lower IT spending concerns by US lenders. Infosys's slow sales forecast for the current financial year also added to the negative news flow. Despite cheaper valuations and US data points, the shares are now trading at around 20 times forward earnings estimates, leaving 62% of the 47 firms tracking Infosys still having a buy rating on the stock.
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Infosys, the Indian information-technology bellwether, is experiencing its highest rate of "sell" ratings since 2017 due to recession concerns amid India's economy. Seven analysts downgraded the stock to a "sell" in the last month due to lower IT spending concerns by US lenders. Infosys's slow sales forecast for the current financial year also added to the negative news flow. Despite cheaper valuations and US data points, the shares are now trading at around 20 times forward earnings estimates, leaving 62% of the 47 firms tracking Infosys still having a buy rating on the stock.
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