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Buy Wipro, target of Rs 281: Angel
Angel Broking has maintained its buy rating on Wipro with a target price of Rs 281. In 3QFY2009, Wipro recorded a disappointing 1% qoq growth in Top-line. The key IT Services Business clocked a decent 6.9% qoq growth in Revenues, which was primarily driven by Rupee depreciation.
Angel Broking has maintained its buy rating on Wipro with a target price of Rs 281 in its January 21, 2009 research report. "In 3QFY2009, Wipro recorded a disappointing 1% qoq growth in Top-line. The key IT Services Business clocked a decent 6.9% qoq growth in Revenues, which was primarily driven by Rupee depreciation. While Infosys continues to be our preferred pick in the IT Sector, on account of the recent under-performance of the Wipro stock, we maintain a Buy with a target price of Rs 281, implying a P/E of 10x FY2010E EPS (13x earlier). However, stock price upsides in the near term could remain capped," says Angel's research report.
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To read the full report click on the attachment......
