Analysts Downgrade Wipro to 'Sell' on Valuation Concerns

"Wipro’s stocks dropped by more than 2 percent to Rs 520 per share on February 28. This decline occurred after analysts at Kotak Institutional Equities downgraded Wipro from ‘reduce’ to ‘sell’ and set a target price of Rs 440 per share. The downgrade was influenced by the significant increase in Wipro’s stock over the last three months. The analysts believe that the company’s valuations are now considered expensive.

In the past three months, Wipro’s stock has risen by over 30 percent, while the benchmark Sensex has seen a 9 percent increase. On February 19, 2024, Wipro shares had reached a 52-week high of Rs 546 per share. "

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