Infosys shares tank 9% post Q1 results. How to trade stock now?

economictimes.indiatimes.com:

Infosys reported lower-than-estimated June quarter results, the shares of the IT major plunged over 9% on BSE to Rs 1311.60 in Friday's early trade. Brokerages remained mixed on the stock following Q1 results. Among foreign brokerages, Jefferies recommended a 'Buy' while Nomura suggested a 'Reduce'.

Back home, Motilal Oswal retained a 'Buy' view while Nuvama recommended a 'Hold' on the counter. Infosys posted a nearly 11% increase in first-quarter net profit, but missed estimates by most analysts and slashed its revenue growth outlook for the fiscal year, blaming spending cuts and delays in decision-making by clients, especially in the key financial services domain. India's second-largest software exporter projected its FY24 revenue to grow 1-3.5% in constant currency, or excluding exchange rate fluctuations, compared with the previous estimate of 4.0-7.0%, underlining the global macro challenges for the country's storied sector which is seeing tepid demand for outsourcing services.

Here is what top brokerages recommended:Jefferies: Buy | Target: Rs 1,550Jefferies has recommended a 'Buy' on Infosys for a price target of Rs 1,550. It has lowered its estimates by 2%, though it sees limited risks of further earnings cuts. «With limited earnings risks and reasonable valuations, we would be buy post the fall.» The latest growth projection is the lowest in over a decade, and the cut was termed «drastic» and a «shocker» by Jefferies.Nomura: Reduce | Target: Rs 1,210Nomura has downgraded the stock to 'Reduce'.

It said that the weakness in growth magnifies with guidance cuts. The company is set to underperform industry growth in FY24. The brokerage firm cut FY24-25F EPS by 3-4%.Motilal Oswal: Buy | Target: Rs 1,600Motilal Oswal