Research and Brokerage firm Angel Broking has recommended a \u2018buy\u2019 rating on Infosys with a 12-month target price of Rs 1,179 on the back of better than expected first quarter earnings of the IT company. Angel Broking\u2019s target price on Infosys shares implies an upside of 23.14% from its current market price of Rs 972. Angel Broking has cited various fundamental reasons for its recommendation, such as Infosys keeping its growth guidance of 6.5-8.5% in constant currency, and EBIT margin guidance of 23-25%. Infosys posted a 2.6% quarter on-quarter growth in revenue in the fiscal first quarter in constant currency terms. In terms of geography, in constant currency terms, USA, Europe, India and rest of the world posted a quarter on quarter growth of 1.3%, 3.1%, 11.2% and 6.9% respectively. Infosys financial results for the fiscal first quarter (Apr-Jun) were better than expected, and were mainly driven by volume growth during the quarter. For the financial year 2018, Infosys has reiterated the revenue growth guidance in the range of 6.5-8.5% in CC terms, while EBIT is expected to be around 23-25%. Meanwhile, Infosys added 59 new clients (gross additions) during the quarter, taking its total active client base to 1,164. The client addition was across the board. The company added 5 clients in the $100 million plus category, 6 clients in the $20 million plus category, respectively. However, Angel Broking also pointed out to pressure on margins citing the impact of wage hikes and visa expenses, apart from rupee appreciation, which was a major drag on profitability. Margin pressures arising out of higher variable pay and visa expenses were partly offset by higher utilisation, which was up by 90 basis points and better realisation, which was up by 50 basis points.