Piper Jaffray Raises PT, Maintains Neutral on Wipro (WIT)

Piper Jaffray maintained its Neutral rating on Wipro WIT, in spite of raising its price target to $14 in a research report published today. In the report, Piper Jaffray summed its position with: “While Q411 results outpaced expectations, the momentum has not carried into Q1. We continue to believe headcount investment, wage increases and attrition will make future growth incrementally more expensive. We maintain our Neutral rating and raise our price target to $14 (from $13), reflecting 26x NTM GAAP EPS.” On Wednesday, Wipro's shares closed at $14.27, slightly above its new target price.