Wipro dips 2% as Credit Suisse downgrades, slashes price target by 13%

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Credit Suisse said the street is already building in 80 bps margin expansion for next year.

Software company Wipro's shares fell more than 2 percent in the morning on Wednesday after global investment firm Credit Suisse downgraded its rating on the stock to underperform from neutral on likely to margin volatility.

The brokerage also reduced its price target by 13.5 percent to Rs 320 from Rs 370 apiece earlier as it sees limited scope for further earnings upgrades.

The stock was quoting at Rs 379.45, down Rs 7.75, or 2 percent on the BSE, at 10:00 hours IST.

Credit Suisse said the street is already building in 80 bps margin expansion for next year. According to the brokerage, the margin may exhibit a bit of volatility even when on an absolute level.

Wipro's earnings before interest and taxes (EBIT) grew by 12.5 percent sequentially to Rs 2,909.4 crore and margin expanded 180 bps to 19.8 percent in Q3FY19.

IT services revenue at Rs 14,665.6 crore for the December quarter increased by 2 percent QoQ and constant currency revenue growth stood at 2.4 percent against 2.8 percent that the company posted during the previous quarter.

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