Brokerage Maintains Bullish View On Large Cap IT Stock, Target Price Rs 467, Buy

Hem Securities has assigned buy rating to the large cap IT Software sector stock, Wipro Ltd with a target price of Rs 467 apiece. The stock is currently trading 6% away from 52-week low. The current market price of the stock is Rs 394 apiece.

According to the analyst, "The management has guided 0.5-2% revenue growth for Q3FY23. Management also expects double digit growth over FY23. The management expects to gain market share in the coming quarters." If you buy Wipro Ltd now, you can get 19% potential return. Check key takeaways below:

1. Wipro Ltd Stock Performance

The last trading price of the stock is Rs 394 apiece with an intraday decline of 2.39%. The stock's 52-week high is Rs 726 and 52-week low is Rs 372 apiece, respectively. The company has a market capitalisation of Rs 2,16,190.37 crore.

2. Wipro Ltd Return

The stock has given 85% return in last 5-years, 64% return in last 3-years, and declined 38% in last 1-year.

3. Wipro Ltd Valuation

According to HEM Securities, "Robust demand environment and healthy deal pipeline would drive Wipro's next phase of growth. We believe company will perform well over next few quarters due to strong deal win momentum. Also the confident commentary from management, moderating attrition rate and supply side challenges are positive triggers in the stock. We initiate a "BUY" rating on the stock and value the stock at 15.4x FY24E earnings to arrive at the target of ₹467."

4. About Wipro Ltd

Wipro Limited is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.

It offers comprehensive IT Solutions and Services including Systems Integration Information Systems Outsourcing IT Enabled Services Package Implementation Software Application development and maintenance and Research and Development Services to corporations globally.

Disclaimer

The stock has been picked from the brokerage report of Hem Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.