Morgan Stanley has maintained its ‘Underweight’ rating on Wipro, with a target price of Rs 500. The brokerage expects the stock to continue its relative underperformance due to lagging revenue growth compared to its peers. Morgan Stanley sees limited visibility of this trend changing in the near term. However, it acknowledged some positive elements in the company’s results, noting that Wipro’s high free cash flow (FCF) yield could provide downside support for the stock.
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