By July 27, 2012 Read More →

WIT: In Line Quarter, But Soft Guidance | Market Analysis

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Wipro reported IT Services results in line with expectations, but guidance fell short of estimates. Similar to Infosys, Wipro is caught in the perfect storm of facing organizational changes and a weakening demand backdrop. The sector decline has reached the stage of pricing discounts, which appear relegated to the areas of weakness (Capital Markets) for now and may be a sign we are closer to a bottom. However, the weak September outlook seems to imply we are not out of the woods yet. We maintain our NEUTRAL.

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Joseph D. Foresi

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