Wipro reports a 4.6% YoY rise in Q1 net profit, gives flat sequential growth guidance; what should investors do?
Global brokerages have revised their stance on Wipro after the company reported its Q1 results on Friday, after market hours. IT services major Wipro reported a 4.6 per cent year-on-year (YoY) rise in consolidated net profit for the June quarter at Rs 3,003.2 crore but gave a flat sequential growth guidance of (-)1 to 1 per cent even as the CEO affirmed the company's better positioning. Here is what brokerages recommend.
(With inputs from agencies.)
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Morgan Stanley
Morgan Stanley
By maintaining an 'underweight' rating, the brokerage raised the target to Rs 459 from Rs 421.
Nomura
Nomura
The brokerage maintained a 'buy' rating and gave the target of Rs 600.
Citi
Citi
By maintaining a 'sell' rating, Citi raised the target to Rs 495 from Rs 455.
CLSA
CLSA
CLSA maintained an 'outperform' rating and cut the target to Rs 588 from Rs 607.
Goldman Sachs
Goldman Sachs
The brokerage maintained 'sell' on Wipro and raised the target to Rs 450 from Rs 440.
Jefferies
Jefferies
With an 'underperform' rating, Jefferies raised the target price to Rs 455 from Rs 400.
JP Morgan
JP Morgan
The brokerage maintained a 'neutral' rating on the stock and gave a target price of Rs 490.
Anil Singhvi view
Anil Singhvi view:
Zee Business Managing Editor Anil Singhvi recommended selling Wipro futures for targets of Rs 534, Rs 523, Rs 520, and Rs 515. As per him, the IT firm posted the worst results among all IT companies with weak operational results, guidance, and outlook.