Bofa targets Wipro 8216;buy8217; at Rs 470

Bank of America has upgraded Wipro to 8216;buy8217; from 8216;neutral8217; and raised the target price to Rs 470 from Rs 410 citing favourable risk-reward and likely rebound in earnings growth.

The bank has raised its earning estimates by 3-4 per cent for FY13-14 due to weaker rupee. The vertical focused organization redesign effected in April,under the new CEO,whereby Profit/Loss responsibility lies only with the verticals,seems to be paying off,said the bank in a note.

BofA said the company is better placed on margins than its peers-Tata Consultancy Services and Infosys over FY12-14. At 11:17 am,shares of Wipro were down 0.5 per cent at 402.20 rupees.

Company INFO More on Wipro

Stocks More on Wipro