Credit Suisse on Monday upgraded software services provider Wipro to "outperform" from "neutral" ahead of its results announcement on Friday, citing low valuations and recent underperformance to peers.
"The stock has significantly underperformed peers and the Indian market over the past 12 months. Given current valuation levels relative to the recent history, we think the risk-return is clearly in favour of buying the stock," analysts Anantha Narayan and Sagar Rastogi said.
Over the past year, Wipro is down 9%, while HCL Technologies and Tata Consultancy Services have risen 40% and 20% respectively.
Narayan and Rastogi admit that they don't see any concrete signs of a pick-up in the company's growth yet and a recovery may still be a few quarters away. But they say few factors -- Wipro's client mining has improved, sales spend has been going up, employee attrition is going down and there is an "anecdotal chatter" of improving deal pipelines -- which can lead to growth pick-up, they said.
At 13:30 hrs, Wipro shares were up 2.7% at Rs 345.15 on NSE.
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