Upgrade to BUY with TP of Rs 1,325 at 17x FY20E (from 14x). Over the past three quarters, Infosys (INFY) has navigated through a turbulent internal phase (that finally saw the appointment of a new CEO and a revamped board), as well as a challenging business environment. Mercifully, INFY has maintained market-share vs. larger peers (TCS and Cognizant). Revenue leakage in top accounts has abated, with stability in the title holders (top 600 managers) bracket. Currently, attrition here is in-line with long term trends, even as operational metrics are intact (~85% utilisation).