The stock correction and partial recovery (midway) following the whistleblower allegations (and clarifications) provide an opportunity with INFY available at its median valuations (at peak discount to TCS). Expect USD rev/EPS at 10/9% CAGR over FY19-22E and upgrade to BUY (NEU earlier) with TP of Rs 840, at 18x (unchanged) Sep-21E EPS. We upgrade Infosys (INFY) to BUY based on better visibility on growth, stable margin trajectory and the recent stock underperformance. Sustainable growth momentum and steady margin are premised on (1) Greater focus on large deals (77% YoY in 1H & broad-based on S&M; velocity, partnerships), (2) Recovery in T25 and Large account mining, (3) Pricing lever in Digital, and (4) Completion of accelerated investment phase (localisation, innovation hubs, S&M;). These are getting manifested in INFYs growth (400bps premium over sector avg. growth) and operational trajectory (EBIT% at lowest gap vs. TCS in 5-qtrs). The recent Analyst meet highlighted some key initiatives by INFY.