Credit Suisse analyst Anantha Narayan downgraded Wipro to Underperform from Neutral and lowered his price target for the shares to $270 from $290. The recent rally in the shares factors in a strong recovery, but that "remains elusive," Narayan tells investors in a research note. While the number of Wipro clients providing at least $50M in revenue has improved, client mining has deteriorated outside its top 10 accounts, the analyst contends. He notes the stock's price-to-earnings multiple is at a three-year high.

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Reports Q4 revenue $2.7B, consensus $2.65B. Srini Pallia, CEO and Managing Director, said "FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead. We are on the brink of a major technological shift. Artificial intelligence is transforming our clients' needs as they seek to harness its power for competitive advantage and enhanced business value. At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals. Although there's a considerable amount of work ahead of us, I am confident that together, with our collective effort, we can pave the way for the next chapter of growth."