Morgan Stanley upgraded Wipro Ltd. (NYSE: Witty)) Of Underneath to Equal weight on June 19, and the price rose from $ 2.49 to $ 3.05. The move follows a period of relative underperformance for Wipro shares since the April market rally, which, according to the company, has replaced the risk reward balance to a more neutral stance.
The upgrade shows increasing confidence in the near -term Wipro site, especially as momentum improves in securing major deals. Morgan Stanley sees this trend as a leading indicator of revenue acceleration over the upcoming quarters, citing a potential inflow point for India's IT services company.
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Despite a sluggish top line, Wipro has managed to capture active margins within a narrow band, which the company considers evidence of disciplined cost management and durable operational management in the midst of a difficult environment.
Morgan Stanley also highlighted a “potential capital allocation” as a reason for the more constructive view, highlighting the possibility of more financial strategies aligned with shareholders ahead. This includes a better positioning of free cash flow and a tighter focus on earnings, both of which could improve feeling around the stock as the execution improves.
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