Upgrade Sparks Wipro
Wipro
(WIT) - Get Wipro Limited Report
shares rose Friday after an analyst upgrade and a positive performance by its counterparts in the Indian IT services sector overseas.
Stock in the Indian IT services firm was recently trading at $12.41, up 50 cents, or 4.2%.
"Following a 20% quarter-to-quarter decline (vs. a 5% decline for the
Nasdaq
) we are upgrading the ADR shares of WIT, given a more balanced risk-reward profile,"Goldman Sachs analyst Julio Quinteros wrote in a Friday client note. "Although we see limited multiple expansion from current levels, we believe that the current valuation appears more sustainable."
TheStreet Recommends
Quinteros noted that "continued positive momentum and demand environment should support the shares, although we still see little in the way of multiple expansion. Earnings growth will remain the key for share performance."
Quinteros raised his rating on Wipro to in-line/attractive from underperform/attractive.
Cognizant Technologies
(CTSH) - Get Cognizant Technology Solutions Corporation Report
is his top choice in the space, at outperform/attractive.
Goldman Sachs does and seeks to do business with the companies it covers.
After
several weeks of volatility, the Bombay Stock Exchange's Sensex closed up 3.8% on Friday.
