Wipro has grown the slowest (2.9% YoY in FY19) in the Tier-1 IT pack. The key revenue driver for FY19 (BFSI) is easing. Challenges in Communications (client specific) and Healthcare (HPS) seem sticky. The soft guidance for 1QFY20 tells us that the lag is entrenched. Margin recovery and buyback drove recent outperformance (+16% vs NIFTY IT +8% in 6m). We downgrade WIPRO to SELL (from Neutral), post the insipid 4QFY19 show and weak guidance. Revenue growth remains challenged and margins are peaking. The recent security breach raises questions about clients data security and is a setback to Wipros reputation. The much awaited buyback (5.4% of equity at Rs 325/sh, 16% premium to CMP) kicks up FY21E EPS by ~2%. At 14x FY21E EPS, our TP is Rs 250 (~11% downside from CMP).