Shares of Wipro ( WIT) fell on Tuesday after an investment research firm lowered its rating on the stock. Shares of the Bangalore, India-based IT services firm were recently off 32 cents, or 2.3%, to $13.58. In a brief report on the Indian IT services sector, Goldman Sachs analyst Julio Quinteros reduced Wipro's rating to in-line/attractive "on high valuation and expectations which should limit
near-term share performance." He reiterated his outperform/attractive rating on Satyam Computer Services ( SAY), calling it "our top pick, offering 10%-15% upside from current levels." Shares of Satyam were down $1.12, or 2.8%, to $39.78 in recent trading. Quinteros also maintained his in-line/attractive rating for Cognizant Technology Solutions ( CTSH), Infosys ( INFY) and Patni Computer Services ( PTI). In the report, he also adjusted his fiscal year 2007 earnings per share estimates for Infosys, Satyam and Wipro to reflect a slightly lower operating margin profile. "Our demand outlook remains intact and we are leaving our revenue estimates unchanged for Infosys and Wipro, and are increasing our revenue estimates for Satyam," Quinteros wrote. Goldman Sachs does and seeks to do business with the companies it covers.