Reduce Pantaloon Retail, target of Rs 165: IIFL

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Reduce Pantaloon Retail, target of Rs 165: IIFL

Posted on: May 15th, 2009 and is filed under Brokerage Recommendations.

IIFL has recommended a reduce rating on Pantaloon Retail with a target price of Rs 165 in its May 14, 2009 research report.

“Pantaloon Retail (PRIL) ‘same-store sales’ (SSS) growth slowed down to 3% YoY in April, mainly owing to the steep decline in home retailing sales. Home retailing SSS declined 28% YoY, much faster than the 8% YoY decline seen during January-March 2009. Value retailing showed early signs of recovery, growing at 7%, higher than the 4.8% growth seen during the past three months. Space addition continues to be low; PRIL standalone likely to miss June 2009 space target of 10.3m sqft by 0.6m sqft. ‘Reduce’, target price of Rs 165,” says IIFL’s research report.

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