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Add Crompton Greaves, target of Rs 264: IIFL
Posted on: May 25th, 2009 and is filed under Brokerage Recommendations.
IIFL has recommended an accumulate rating on Crompton Greaves with a target of Rs 264 in its May 22, 2009 research report.
“Management’s revenue guidance in line with our estimates;margin guidance ahead of our estimates. Management sounded confident of maintaining margins at FY09 levels. In our view, 150bp margin erosion due to forex losses provides a cushion. Hence, we increase our margin estimates by 70bps, resulting in 7% increase in earnings estimates. The stock is trading at 56% discount to ABB (near five-year high) and 33% discount to Siemens, despite stronger growth outlook. Add, target of Rs 264,” says IIFL’s research report.
source: Moneycontrol
Tags: brokerage calls, buy rating, buy stocks, crompton greaves, IIFl brokerage house
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