Downgrade to NEUTRAL with a TP of Rs 995, 14x FY19E EPS. Our multiple is reduced to reflect the twin perils of internal corporate battles and a challenging business environment that the company will now have to navigate. Fridays dramatic events starting with the resignation of Vishal Sikka, followed by the unseemly public spat between the Infosys board and its founders pose collateral risks for the firm at just the wrong time. After three grating years, Sikka had barely got Infosys looking sharper and smarter. In our view it is the Board which is saddled with eroded credibility, as it has defended Sikka against founders allegations but has been unable to retain him. We think the founders are not done and expect an extended battle for credibility.