UBS Lowers Infosys, Wipro, Satyam From Buy to Neutral

Mumbai, May 22: | Updated: May 23 2003, 05:30am hrs
European brokerage house UBS Warburg has downgraded three major Indian software companies Infosys Technolgies, Wipro and Satyam from buy 2 to neutral 2.

In its research report on the Indian software sector dated May 21, 2003, the firm has said that there is little room for upside in this sector and the fundamentals show no signs of improvement.

As per the report, the three frontline software stocks have a marginal upside to the target prices set by UBS Warburg. Along with this downgrade, UBS Warburg has also lowered the price target for Infosys from Rs 3,315 to Rs 3,150 and for Wipro from Rs 1,100 to Rs 1,040. But Satyams price target was left unchanged at Rs 192.