“CLSA has downgraded Infosys to 'hold' from 'outperform', with a revised price target of ₹1,147. The firm anticipates a prolonged period of low to mid-single-digit revenue growth for large IT companies due to AI deflation, legacy service drag, and macro headwinds. AI volumes are projected to offset deflation only by FY2030, with AI contributing one-third of revenue by FY2031.”