Jefferies cited the delays in IT spending from Infosys' clients and adverse cross currency movements as the reasons.
The report comes as other analysts warn of rising risks to Infosys as global corporates cut IT spending and given recent forex volatility.
In April, Infosys beat Street expectations by posting higher than expected profits for the fourth quarter ending March 2012.
A big disappointment, however, was the revenue guidance for the next year. Infosys had guided for 8-10 per cent growth in dollar revenue terms, which was much lower than expectations of 12-15%.
The guidance for the full year was even below IT lobby Nasscom's forecast of 11-14 per cent.
Copyright: Thomson Reuters 2012