Wipro Ltd (Q4 FY15) - Reduce
CMP Rs580, Target Rs565, Downside 4.0%
CMP Rs580, Target Rs565, Downside 4.0%
- IT services dollar revenue growth disappointed
- Guidance for Q1 FY16 also muted; Wipro to materially underperform peers in FY16
- OPM expansion was a positive; lower growth could weigh on margin going ahead
- Relatively weaker growth trajectory to drive incremental valuation de-rating; Downgrade from BUY to Reduce
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