Things to monitor for Q1FY22E 1) Conversion of large deal pipeline, 2) Margin headwinds (utilization and attrition) and 3) Annual budgeting exercise. reduces. We downgrade LTI to Accumulate as stock has run up 12.6% in last two months and all positives (strong revenue growth and deal momentum, strong cloud and data capabilities, top tier alliances across partners and focusing on winning F-500 clients) are factored in 28X FY23 valuations. We have put Wipro and Persistent Under Review' because the stocks have run up 30% and 52% respectively vs NIFTY IT index gain of 5% in past three...