Prabhudas Lilladher recommends buy on Infy

Brokerage house Prabhudas Lilladher in an August 21, 2012, report has given a buy rating on Infosys stock with a target price of Rs 2,850.

The recommendation came after a US judge dismissed a whistleblower harassment case against Infosys. Prabhudas Lilladher analyst Shashi Bhusan in the report said "we see the verdict to alleviate one of the biggest concern on the stock performance."

On Thursday, Infosys shares were up 1.5 per cent in late trade at Rs 2,465.00.

Infosys employee Jack Palmer claimed he was harassed after calling attention to what he believed was systemic US visa fraud at Infosys.

The judgment however does not address the allegations of visa fraud, which are being investigated by the US authorities separately.