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.
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.
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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