Barclays Capital cut its ratings on Infosys to "equal weight" from "overweight", citing "disappointing" April-June earnings and saying the company's guidance was still too aggressive.
Barclays also cut its target price on the stock to 2,300 rupees from 3,010 rupees.
Infosys on Thursday sharply cuts its revenue forecast for fiscal 2012-13, sending its shares sharply lower.
"Full year guidance still implies aggressive growth going forward, which could be underestimating risks," Barclays said in a note.