Wipro share price target: Following weak Q4 results reported by India\u2019s third largest software services exporter, brokerages have reduced Wipro share price target. The Bengaluru-headquartered company has reported a 20\/3% drop in net profit to Rs 1,803 crore in the three months ended 31 March, missing street estimates. Analysts had expected the company to post a profit of Rs 2,132 crore, according to Thomson Reuters data. Notably, revenue from operations fell 1.6% to Rs 13,769 crore, even as revenue from its key IT services business rose 5.5% to $2.06 billion, in line with company\u2019s earlier guidance. Taking stock of the results, CLSA says that Q4 results point out to the problems of yore for the company. The research and brokerage firm has cut FY19-20 revenue estimate by 4% and margin by 80-110 basis points. CLSA has maintained a sell rating on the shares with a target price of Rs 260. Wipro shares were trading at Rs 266.9, down by nearly 4%. Global firm Nomura too has reduced its share price target to Rs 270. The current quarter was mainly impacted by bankruptcies of two Wipro clients and an additional impact on the healthcare and life sciences business due to clients exiting the exchange market. Nomura notes that the growth was dragged by India and APAC, while the US and Europe business seem to be doing better. The firm sees downgrades to consensus growth and earnings estimates going forward. Wipro CEO Abidali Z Neemuchwala saisd that the firm entered Q4 with confidence driven by the improvements in Wipro\u2019s deal win trajectory, uptick in client mining and reduced headwinds in some of their businesses. \u201cHowever, we are disappointed at the loss of momentum in Q1 due to surprises arising out of bankruptcies faced by two of our clients with a revenue run rate of over $50 million, additional impact in the HPS business as more clients exit the exchange market and weakness in our communications business unit, \u201d he noted.