Nomura Reaffirms Their Buy Rating on Wipro Limited (WIPRO)

Nomura analyst Abhishek Bhandari maintained a Buy rating on Wipro Limited today and set a price target of INR280.00. The company’s shares closed yesterday at INR241.80.

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According to TipRanks, Bhandari is a 3-star analyst with an average return of 4.5% and a 52.50% success rate. Bhandari covers the Technology sector, focusing on stocks such as Coforge Limited, HCL Technologies Limited, and Infosys Limited.

Wipro Limited has an analyst consensus of Hold, with a price target consensus of INR261.54, representing an 8.16% upside. In a report released on September 26, CLSA also maintained a Buy rating on the stock with a INR319.00 price target.

Based on Wipro Limited’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of INR221.35 billion and a net profit of INR33.3 billion. In comparison, last year the company earned a revenue of INR219.64 billion and had a net profit of INR30.03 billion

Based on the recent corporate insider activity of 387 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WIPRO in relation to earlier this year.