Brokerages raise L&T’s target price on strong Q4 – The Economic Times

Clipped from: https://economictimes.indiatimes.com/markets/stocks/news/brokerages-raise-lts-target-price-on-strong-q4/articleshow/82727214.cms

Synopsis–Morgan Stanley retained overweight and raised target price to Rs 1,816 from Rs 1,721 saying that valuations remain compelling and the company has delivered well in a tough financial year. IIFL also said the stock trades inexpensively, and retained the buy rating with a target price of Rs 1,635.

Mumbai: Brokerages have raised target prices on Larsen & Toubro citing strong March quarter results on ‘compelling’ valuations. Even as brokerages retained bullish view, the stock ended down 2 per cent at Rs 1,386.85 on Monday.

Morgan Stanley retained overweight and raised target price to Rs 1,816 from Rs 1,721 saying that valuations remain compelling and the company has delivered well in a tough financial year.

IIFL also said the stock trades inexpensively, and retained the buy rating with a target price of Rs 1,635.

Kotak Institutional Equities and Nomura retained buy. Nomura has revised target price on L&T to Rs 1,654 from Rs 1,616.

L&T

Investec raised target price to Rs 1,785 from Rs 1,640.

“…despite disruptions caused by Covid-19’s second wave, the management expects order inflows and revs to grow low- to mid-teens, and margins to remain stable in FY22. We expect the core business to deliver 14 per cent revenue CAGR over FY21-23,” said Investec.

CLSA lowered the target to Rs 1,800 from Rs 1850 but retained buy as the stock is inexpensive and on the cusp of a capex cycle upturn.

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