Morgan Stanley is overweight with a raised target to Rs 1156 from Rs 889 per share implying 30 percent upside. It has also increased FY17 & FY18 EPS estimates by 9 percent and 18 percent respectively. Expectinf monetisation cycle to begin next year onwards, it says that the company remains a multi-year growth and rerating story. The company is executing well on its biosimilar pipeline in terms of US/EU filings.
CIMB maintains add rating on reasonable valuations with target cut to Rs 1185 from Rs 1250 per share. It has cut FY17-19 EPs by 2-3 percent on client- specific issues and weakening macro. It remains optimistic on medium-to-long term.
Deutsche Bank maintains hold rating on the stock. Its net sales bookings was at multi-year low but leasing slowed due to limited inventory. Cancellation exceeded new bookings for the 1st time since at least FY08. It says DLF’s commercial rental will remain robust .
JP Morgan is underweight on the stock with target cut to Rs 120 from Rs 125 per share. It says doubtful debtors increased and customer advances fell in FY16 while diversification beyond power has proved slow
Bank of America Medill Lynch reiterated buy rating with target increased to Rs 680 per share. It has increased FY17 EPS by 18 percent stating that ramp-up of Paradip refinery is a positive. It cautions that weak refining run rate is a risk but volume upside supportive.
Nomura upgraded it to buy from neutral post recent correction with target increased to Rs 1765 from Rs 1630 per share. It says valuations at 32.5 FY18P/E seem reasonable.
Nomura has cut earnings estimates on unfavourable interplay of macro variables with target price reduced to Rs 72 from Rs 79 per share. It warns of an earnings hiccup ahead hence downgraded it to reduce.
Macquarie has target price for stock at Rs 540 per share. Its hiving off sports business is positive on improved profitability and lower volatility. It says ZEE will see 400 BPS EBITDA margin expansion if deal closed for rs 2000 crore and will also see 10 percent EPS boost to FY18 financials if deal is sealed.
Morgan Stanley stays overweight with target price of Rs 925 per share. It expects EPS CAGR of over 50 percent and ROE of over 25 percent in next 3 years. Its management emphasised that arrest of Dilliraj is unrelated to the company
CLSA downgraded it to sell from outperform but target remains unchanged. It says company missed revenue expectations sharply for the second quarter in a row and faced revenue headwinds from most large clients. Its drag from top 10 clients is likely to crimp full-year growth to low-single digits.
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