Wipro Technologies –Buy- Kotak Securities
Recent stock correction, down 12% in two weeks may offer opportunity for longer term investors. Use under-performance to change our recommendation to a BUY from accumulate, noting the 20% plus upside to our target price.
Management commentary points to an improving macro environment and likely return of volume led growth in FY11E, for the larger players.
We maintain our financial estimates, and price target for the Wipro stock at Rs800 but higher than estimated appreciation in the INR and lower than estimated volume growth pose downside risks to our estimates.
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