Shares of India's major IT behemoth Infosys rallied in trade on Monday morning, after the firm reported strong Q3 results for the Oct-Dec period.\u00a0Infosys shares gained by nearly 4% to hit the day's high at Rs 710.20. Infosys has approved a special dividend of Rs 4 per share, and also announced buyback under open market route of Rs 8,260 crore at a maximum price of Rs 800 per share. Infosys has reported net profit came 12% down on-year to Rs 3,609 crore, in the Oct-Dec quarter.\u00a0 The total revenues came in 20.3% higher at Rs 21,400 crore. The firm has also approved a special dividend of Rs 4 per share. The firm also announced a buyback under open market route of Rs 8,260 crore at a Maximum price of Rs 800 per share. Taking stock of the reported results, CLSA said that revenue estimates were beaten in a seasonally weak quarter. Growth Acceleration, capital return and demand recovery merit a re-rating of the stock. Large deal wins have remained strong at $1.6 billion. CLSA has raised its revenue forecast by 1-2% and cut margin estimates by 30-50 basis points. CLSA has a buy call on the shares with a target price of Rs 930. The target price implies an upside more than 30% from the current market prices. Also read:\u00a0DMart shares plunge 9.5% after tepid Q3 earnings; should you buy or sell this stock? Macquarie noted that the revenue surprise and upgrade of FY19 revenue guidance are the positives from Q3. The margin pick-up is unlikely in the near term, as investments, ramp-up of large deals and wage corrections may cap the margin pick-up. Macquarie has a target share price of Rs 770 on the stock. Kotak Institutional Equities said that it is impressed with the strong revenue growth, large deal signings and stable client metrics. The research firm noted that it is putting building blocks in place for sustainable growth. The revenue outlook has improved, but it comes at the cost of margin. The firm has upgraded revenue estimates and cut EPS estimates by 3-4%. Kotak\u00a0Institutional Equities has a share price target of Rs 760 on Infosys.