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Investing.com - Morgan Stanley (NYSE:MS) upgraded Wipro Ltd. (NYSE:WIT) (BSE:WPRO) stock rating from Underweight to Equalweight on Thursday, while raising its price target to INR265.00 from INR216.00.
The upgrade comes after Wipro shares significantly underperformed during the market rally since April lows, creating a more balanced risk-reward profile for the Indian IT services company, according to Morgan Stanley.
The financial services firm cited improving momentum in large deal wins as a key factor supporting the rating change, suggesting potential revenue growth opportunities for Wipro in upcoming quarters.
Morgan Stanley also noted Wipro’s ability to maintain margins within a tight range despite weak revenue performance, demonstrating effective cost management during challenging business conditions.
The firm additionally pointed to "potential improving capital allocation over coming quarters" as another factor behind the upgrade, indicating expectations for more shareholder-friendly financial decisions from Wipro’s management team.
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