Reduce Wipro, target of Rs 282: Asit C. Mehta

Asit C. Mehta has recommended a reduce rating on Wipro with a target price of Rs 282 in its April 29, 2009 research report.

"Wipro’s 4Q FY09 IT services revenue fell 3.8% to USD 1058 million in constant currency, versus management’s guidance of USD 1045 million, led by reduction in volumes and cross currency headwinds. Given a challenging demand outlook for the next 12 months and the expiration of STPI in FY10, we expect earnings to increase at a CAGR of 0.8% over FY09-FY11. Thus, we have a ‘Reduce’ recommendation on the stock with a price target of Rs 282," says Asit C. Mehta's research report.

Sources: Moneycontrol