Morgan Stanley upgraded Wipro (WIT) to Equal Weight from Underweight with a price target of INR 265, up from INR 216 as part of a broader research note on India Technology names. The firm notes slight improvement in revenue growth forecasts for the industry, even though its thesis of two years of muted revenue CAGR remains intact, stating that any rally should be used as an opportunity to trim positions. Morgan Stanley adds that its upgrade reflects the stock’s significant underperformance in the last rally since the lows of April, its improving momentum in large deal wins, and its ability to keep margins within a tight band despite weak revenues.
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