Wipro downgraded to Underperform at Jefferies on demand concerns

As previously reported, Jefferies downgraded Wipro (WIT) to Underperform from Hold with a price target of $2.43, down from $3.53. Higher uncertainty and potential worsening of the business outlook due to recent tariff announcements will hurt IT demand, at least in FY26, says the analyst, who cut EPS estimates across Jefferies’ Indian IT firms’ coverage by 2%-14%. Among the group, Infosys (INFY), Coforge and Sagility remain the analyst’s picks with Buy ratings on those three.