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.

Is Wipro Ltd. (WIT) the Best Technology Penny Stock to Buy Right Now?

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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.

While we acknowledge the potential of WIT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WIT and that has 100x upside potential, check out our report about this cheapest AI stock.

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