Downgrade Alert for Infosys Technologies (INFY)
Infosys Technologies (NASDAQ:INFY) was downgraded from Outperform to Neutral at Credit Suisse today. The stock closed yesterday at $16.82 on volume of 6.5 million shares, above average daily volume of 3.9 million.
Infosys Technologies has overhead space with shares priced $16.82, or 10.4% below the average consensus analyst price target of $18.77. The stock should run into initial resistance at its 200-day moving average (MA) of $17.58 and subsequent resistance at its 50-day MA of $18.48.
Infosys Technologies Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.
In the past 52 weeks, Infosys Technologies share prices have been bracketed by a low of $15.32 and a high of $70.36 and closed yesterday at $16.82, 10% above that low price. The 200-day and 50-day moving averages have moved 0.27% higher and 0.80% higher over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of Infosys Technologies on December 8th, 2014 by issuing a Downtrend alert when the shares were trading at $32.28. Since that call, shares of Infosys Technologies have fallen 47.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades infosys technologies