Wedbush Starts Wipro Ltd. (WIT) at Underperform
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Wedbush initiates coverage on Wipro Ltd. (NYSE: WIT) with a Underperform rating and a price target of $8.50.
Analyst Moshe Katri commented, "We are initiating coverage with an UNDERPERFORM and $8.50 price target, as we believe the combination of company exposure to weak Telecom, Utilities and Gas verticals, minimal exposure/traction to the FS sector, and ongoing cannibalization from legacy services, which we estimate at 80%+ of revenues in (FY15), and lagging efforts to generate revenues in fast growing SMAC space, will likely result in below-sector revenue growth. We expect YOY revenue growth of 3-5% in FY17. WIT's stock currently trades at 19.1X our projected FY17E adj. EPS."
Shares of Wipro Ltd. closed at $10.04 yesterday.
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