Infosys target price

Can various/different analysts of same brokerage house prepare separate research reports for the same stock?
For ex. ICICI Sec. has two different research reports on infosys post q4 results dated 14th Apr 2022 and 17th Apr 2022 prepared by their analysts. In 14 Apr report, they have a TP of 1570 with a reduce rating whereas in 17 Apr 2022 report, they have a TP of 2000 with a hold rating. CMP is 1748 and time horizon is one year in both the reports. Analysts are not same.
This is confusing. Or, am I missing something here? Could someone more experienced trader/investor throw light on this, please

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If I make all possible predictions, at least one of them will turn out to be correct.

Also known as: spray and pray technique.


Correct. Then they will quote their prediction which went true.

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These reports are prepared by analysts, aka humans, like you and me. And just like you and me, they guess the price. The only difference is that they built a product to sell their view, to those who think they don’t have one.


@Ravi18 These reports are not by same entity. Technically both reports are prepared by two different entities one is by ICICI securities and another by ICICI direct.
As such they are related entities but still different and probably both have their independent research team.

You can pick whichever you like :slight_smile:


Tough choice :smiley: given these radically different views. Thank you for pointing out the technicalities involved in these reports.
Will have to be really careful with these “research reports” . Don’t know how much hard-work/expertise and research goes behind these reports.
For us (retailers), A coin toss would be better I think :slightly_smiling_face: :slightly_smiling_face:


Infy breached 1570 few minutes back. No need to wait for one year, happened in same week of publishing the report. :joy:

Sahi hai. spray and pray as @ZeroIndian said above.

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If during the upcoming year it rebounds and crosses 2000 Levels then both the reports are correct.


You will be able to find a more suitable answer if you do your own analysis. We all are making price predictions here. The one whose prediction is the closest wins the game.

I read this somewhere:
ICICI Securities Ltd is a technology-based firm offering a wide range of financial services including investment banking, institutional broking, retail broking, private wealth management and financial product distribution. It is one of the pioneers in the e-brokerage business in India. ICICIdirect is the company’s award winning proprietary electronic brokerage platform. The company has leadership position in the broking segment, with over 42 lac operational accounts as on 30 September, 2018.

So, ICICIdirect is ICICI Sec.'s e-brokerage platform.
@Akash_Shah it would be great if you could enlighten as to how ICICI Sec is different that ICICI direct . Is it like saying Zeordha gave a buy call but Kite gave a sell call?


ICICI securities is mother entity providing various financial services. Take a look at below snapshot from their website:

ICICIdirect is their public facing business which caters to retail investors. apart from that it also does Private wealth management (For HNI), institutional equity and corporate finance (which is not through ICICI direct)

In general when a financial institution caters to more than one set of investors, it is recommended that there is Chinese wall between them. Hence generally companies have separate research division for each.
So it is very much possible that advise given to retail and HNI comes from two different research unit and are totally different.

I agree this creates a bad impression for common public and raises question on research itself, and I am no way defending it. However I was just trying to answer your original question:

So answer to this is, No, one report is by brokerage house (ICICI direct) and second by mother entity (ICICI Securities)

Kite is a tool developed by Zerodha, not a separate entity. Besides I doubt Kite (or Zerodha) produces any research.

More apt comparison would be in future when Zerodha starts its Mutual fund Business, MF unit gives buy call and Brokerage business gives Sell call (which is very much possible)


Thank you so much for your detailed answer and your valuable
time. :slightly_smiling_face:
The most important learning that I got from your answer is this:

When I read these reports, I noticed that report with sell (reduce) target(by ICICI Sec), had a declaration at the end that the report may be distributed in Singapore. Report by ICICIdirect with buy rating had no such declaration (this report has ICICI Securities/ Retail Research mentioned at the end of each page, even when it is by ICICIdirect reasearch). It created an impression upon me that they are recommending foreign investors to sell but recommending retail investors to buy. and we all know that INFY fell very sharply post q4 results. I felt bad that a well respected brokerage house of India known for its research doing this (maybe I am wrong about it, but that’s how I felt).

I am not from finance background so don’t know the intricacies of financial world and how it operates. If you feel like answering, I have one more question, why is it that a financial institution has to maintain a Chinese wall between two set of investors? Is it because one’s gain is another’s loss? Or because of some other reason?
Thanks once again :slightly_smiling_face:

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Yes I agree. I feel the same way. this is unethical (but not illegal :frowning: )

Well there are many reason, but main reason is to create a barrier prohibiting groups or individuals within the same organization from sharing information that could create a conflict of interest.

There is a long history to it. Below article should give you some background

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Why do you think it is unethical, if these are two independent organization and having their own independent research team. As you rightly said there should be a Chinese wall between them and each one has published their own research paper. One could be a buy and the other sell. I am sure if you go back to their other research paper on stock, it could never be the same.

Am I missing a point here.

Because it is ICICI
had it been some road side entity or Indore based you tube channel I wouldn’t bother but with ICICI some competence in research is expected.

Completely contradictory calls within time frame of 3 days would be rare.

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Icici Direct has in their report has changed their rating from BUY to HOLD and Icici Securities have mentioned in their report Reduce. Both are expected to publish their views independently of each other and they have done this. Each one has given valid reasons for their assessment. User need to consider this as independent reports and make their own conclusion.

In a way appreciate Icici group for independently publishing both the reports. This is how it should be and not censored.

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@Akash_Shah Thank you so much for sharing your knowledge. :slightly_smiling_face:
It has indeed been a fruitful discussion with you. I went through the investopedia article shared above. There is so much history behind it, I didn’t know that. As a legendary trader had said, “There is nothing new in wall street. There can’t be because speculation is as old as the hills.”
In our case “Dalal Street” instead of “Wall Street” :smile: :smile:
Thanks once again :pray: :pray:

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