The Infosys stock rating was lifted to Buy from Neutral, and the price objective was raised to INR 1,785 (U.S. $21.50) from INR 1,735, offering 21% upside from current levels. While still early for a 2025 outlook, analysts see IT services demand coming together next year, citing: "(1) Normalization of the post-Covid spike in IT spends could be done with by mid CY24, (2) Meeting Basel III requirements is expected to drive up regulatory tech spends by banks, (3) SAP upgrade deadline becoming more of a priority for enterprises amidst the 2027 support deadline and (4) Our take that transformational IT spends could see an uptick post US elections."