Analysts’picks: Dabur India
Macquarie has downgraded its rating on Dabur India to ‘neutral’ from ‘outperform’, citing expensive valuations and a lack of near-term triggers. The brokerage has retained its price target of Rs 100 for the stock.CMP: Rs 110.85
Target price: Rs 100
“The share price has rallied 18% in the past two months on speculation that its retail venture would be hived off and of a broader market rally,” a Macquarie note to clients said, adding the stock was expensive at over 20 times estimated FY10 earnings. “The management has ruled out any price increase until October 2009.
It also denied any plans to hive off the retail division while clarifying its target of opening 15-20 new stores during the year,” the note added. “We believe that multiple growth drivers will help Dabur remain one of the fastest-growing FMCG players in India. ,” the note said.
Tags: hot stocks, india tips, Macquarie, reliagare
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