Infosys downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Infosys (INFY) to Neutral from Buy with a price target of $17.90, down from $20.90. The firm cites reduced near-term visibility and a “subdued outlook” for the downgrade. Based on recent commentary from peers on potential project deferrals, Infosys’ comments around potential decision-making delays, and Goldman’s expectation of an uncertain macro driving pressure on discretionary IT spends, growth visibility has continued to worsen for the India IT names, the analyst tells investors in a research note. Goldman reduced growth estimates following the earnings report and downgraded Infosys.