HDFC Securities has downgraded Infosys from a buy to an add rating, cutting estimates by 5%. While there is an element of sectoral risk following the company's deal cancellations and deference, there is no structural risk to margins, with Prasad predicting value will soon emerge. Despite a downgraded outlook, Prasad believes the probability of achieving a midpoint of 4-7% constant currency is fairly high in the medium term, making it an add rather than a buy recommendation.