Wipro Q3FY18: But for valuations; Retain REDUCE

Equirus | Jan. 25, 2018, 4:45 p.m.

Retain REDUCE on rich valuations: Management is executing along a well-articulated strategy and commentary suggests portfolio growth challenges are abating. Valuations are pricing in a strong recovery in E&U/healthcare, continued BFSI acceleration, and consistent margin execution. However, they leave limited room for disappointment and influences our REDUCE rating with a TP of Rs 310 (16x Mar‟19 TTM EPS of Rs 19.4).


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