Shares in Wipro gained 2.4 per cent to Rs 344.05 after Credit Suisse upgraded the stock to outperform from neutral and raised the target price to Rs 415 from Rs 385.
The upgrade comes ahead of Wipro's September earnings on Friday, as Credit Suisse says the stock has significantly underperformed peers and the Indian market over the past 12 months, and calls valuations historical low level outside of the period during the 2008 financial crisis.
Wipro is also trading at a 30 per cent discount to larger rival Tata Consultancy Services, Credit Suisse says.
The investment bank sees no concrete signs of a pick-up yet and warns a recovery may be "a few quarters away", but adds positive factors work in Wipro's favour, including falling employee attrition and improved "client mining."
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app