Shares of Wipro in trade on October 14, 2020 slipped close to 7 percent to day's low of Rs. 350 even as the IT major met estimates. Revene at the company increased 2 percent sequentially while net profit also jumped 3.2 percent.
And brokerages estimate that the IT major should give up the timeline for quantifying goals and Wipro shall still take time to catch up with its peers including TCS and Infosys.
Citi downgraded the stock to 'Neutral' with a target price of Rs. 400. And iterates that focus now shifts to execution under new CEO and sharp re-rating limits upside in the counter.
|Brokerage view on Wipro||Target Price|
|Kotak Institutional Equities||380|
And for long term rewards from the IT player, investors can lap up the stock which has just begun its catch-up play with other peers from the industry.