Wipro Stock Plunges 9% After Morgan Stanley Downgrade, Weak Q4 Guidance

• Wipro Ltd. shares dropped nearly 9% after Morgan Stanley downgraded the stock from "equalweight" to "underweight."
• Morgan Stanley also cut Wipro's target price from ₹270 to ₹242, citing slow deal-to-revenue conversion and weaker growth visibility.
• Wipro's Q4 constant currency revenue growth guidance is 0-2%, lower than previous estimates, indicating potential re-widening of P/E discount.
• Jefferies maintained an "underperform" rating with a ₹220 target, noting weak deal bookings and project delays.
• Out of 47 analysts, only 11 recommend "buy" for Wipro, with 21 on "hold" and 15 on "sell."

Why It Matters: Wipro's stock crashed due to a Morgan Stanley downgrade and weak Q4 guidance, impacting investor confidence.