Credit Suisse cuts Wipro target price

Credit Suisse cuts target price of Wipro Ltd to Rs 550 from Rs 575 but maintained “outperform” rating on the stock on the back of weak growth guidance. “We also reduce the corresponding margin estimates by 100 basis points. This leads to 8 and 5 per cent reductions in our EPS estimates” it said in a note. However “We believe that growth could come back in September/December quarters. That could lead to upward revisions to consensus estimates and narrowing of multiple discount with respect to larger peers,” the note added about India’s third largest software exporter.

At 11.49 a.m. shares in the company were down 0.58 per cent at Rs 448.50.