Infosys price target lowered to $15 from $17 at Stifel

Stifel analyst David Grossman lowered the firm’s price target on Infosys (INFY) to $15 from $17 and keeps a Hold rating on the shares following “largely in-line” Q1 results. The firm told investors that while pricing pressure is common when discretionary spend is weak, given the AI-existential overhang, the interpretation will be negative until growth re-accelerates. Stifel added that the reaction may be overdone and that offshore domiciled players are at higher risk of AI-disintermediation.