Nomura upgrades Wipro shares to ‘buy’ on growth outlook

Valuations discounts also turn risk reward more favourable,Nomura says.

Written by Reuters | Published:February 28, 2013 9:12 am

* Nomura upgrades India’s Wipro Ltd to “buy” from “neutral” and raises its target price to 490 rupees from 390 rupees.

* The investment bank cites expectation for “an imminent” turnaround in growth on the back of an increase in its deal pipeline and a more stable outlook for U.S. demand.

* Valuations discounts versus rivals Infosys Ltd and Tata Consultancy Services Ltd also turn risk reward more favourable,Nomura says.

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