Citi Reiterates a Sell Rating on Wipro Limited (WIT), Sets a PT of INR225

Wipro Limited (NYSE:WIT) is one of the best stocks under $10 to buy right now. Citi analyst Surendra Goyal maintained a Sell rating on Wipro Limited (NYSE:WIT) on August 20, setting a price target of INR225.00.

Wipro Limited (NYSE:WIT) announced the financial results for the quarter ended June 30 on July 17, reporting a gross revenue of ₹221.3 billion ($2.581.6 billion), down 1.6% quarter-over-quarter and up 0.8% year-over-year.

Total bookings for the quarter were at $4.971 billion, up 24.1% quarter-over-quarter and 50.7% year-over-year in constant currency.

Management also reported that net income reached ₹33.3 billion ($388.4 million), down 6.7% quarter-over-quarter and up 10.9% year-over-year. Earnings per share for the quarter also decreased 6.7% quarter-over-quarter to ₹3.2.

Wipro Limited (NYSE:WIT) is a global information technology, outsourcing, and consulting company that develops and integrates solutions. Its operations are divided into the following segments: Information Technology Services, India State Run Enterprise Services, and Information Technology Products.

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Disclosure: None. This article is originally published at Insider Monkey.