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Last Updated : Apr 19, 2019 01:18 PM IST | Source: Moneycontrol.com

Buy Wipro; target of Rs 315: ICICI Direct

ICICI Direct is bullish on Wipro has recommended buy rating on the stock with a target price of Rs 315 in its research report dated April 18, 2019.

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ICICI Direct's research report on Wipro

Wipro’s revenues grew 1.4% QoQ mainly led by 6.3% QoQ growth in digital revenues. However, pressure in traditional revenues arrested the growth. Besides digital, growth was supported by consumer business unit (grew 5.3% QoQ in CC terms) followed by healthcare and BFSI. We expect growth to accelerate in the next two years with room for margin revision upwards from 18.3% estimated in FY21E.

Outlook

Continued strength in digital and healthy deal pipeline commentary would act as the main growth drivers for Wipro. Additionally, room for margin revision, healthy capital allocation policy and reasonable valuation prompt us to recommend BUY on Wipro. Hence, we revise target price to Rs 315 per share (~16x FY21E EPS).

For all recommendations report, click here

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First Published on Apr 19, 2019 01:18 pm
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