'More friend than foe': TD Cowen backs India AI revenue prospects; Infosys leads IT stocks higher

Indian IT stocks .NIFTYIT rise as much as 1.5%

Industry leaders Tata Consultancy Services TCS.NS and Infosys INFY.NS jump as much as 1.4% and 1.8%, respectively

IT stocks currently up 0.7%, leading sectoral gains

INFY on Tuesday said AI services could be a $300 billion-$400 billion market by 2030

TCS' data centre unit signed up Microsoft MSFT.O-backed OpenAI as its first customer

TD Cowen, which tracks INFY's ("Hold") U.S.-listed shares INFY.N, said in a note on Wednesday that co's AI-day earlier this week showed that it is "more friend than foe"

Says INFY's projected revenue potential for the sector is bigger than previous digital and cloud cycles - TD Cowen

However, says details lack concrete numbers, which would result in industry-wide fears persisting

Cuts PT to $16 from $18, citing pressure in the software and services sector

Analysts tracking INFY rate it "buy" on average, same as five other stocks on 10-member Nifty IT index - data compiled by LSEG

INFY is down 14% this year, while IT index is down 13%