Berenberg analyst Georgios Kertsos says that while Infosys reported Q2 revenue ahead of expectations, its earnings were only in-line due to lower than expected profitability. The analyst retains his negative view on the stock given the company's "persistent margin contraction." The stock has benefited from favorable foreign exchange rate moves but Infosys' underlying profitability is "significantly worse than the headline numbers," Kertsos tells investors in a post-earnings research note. His new $7 price target represents 30% downside and he keeps a Sell rating on the name.