Citi maintains “Sell” on Wipro. The stock price is up 8% anyway… – Market News
Wipro’s share price is up over 8% after the company reported its quarterly results. Some brokerage houses are however concerned about the IT sector outlook going forward and its implications on the stock-
CITI cautious of Indian IT services
Citi however is not convinced. It has maintained its ‘Sell’ rating on Wipro, with a target price of Rs 280. This was 0.6% lower than Friday’s closing price of Rs 280. The brokerage firm said that it expects a gradual but uneven recovery for the IT industry. The company’s forward-looking indicators remained weak for the whole sector. Further, the cost pressure is expected to hit the company in upcoming quarters with a rising attrition rate. It maintains a cautious view of Indian IT…
