Wedbush Starts Wipro Ltd. (WIT) at Underperform

September 9, 2016 7:27 AM EDT
Get Alerts WIT Hot Sheet
Price: $9.96 +2.05%

Rating Summary:
    7 Buy, 7 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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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."

For an analyst ratings summary and ratings history on Wipro Ltd. click here. For more ratings news on Wipro Ltd. click here.

Shares of Wipro Ltd. closed at $10.04 yesterday.

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