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Reduce Bajaj Auto, target of Rs 435: Emkay Global

Posted on: January 20th, 2009 and is filed under Brokerage Recommendations.

Emkay Global Financial Services has maintained its reduce rating on Bajaj Auto with a target of Rs 435 in its January 19, 2009 research report. “Bajaj Auto’s 3QFY09 standalone numbers were above our expectation. While net sales at Rs 21 billion was in line with our expectation. Adjusted net profits at Rs 2.07 billion. We have revised our FY09 earnings estimates to factor in better than expected performance in 3QFY09.We leave our FY10 estimates unchanged.

We maintain our REDUCE rating on the stock, target of Rs 435,” says Emkay Global Financial Services’ research report.

source: Moneycontrol

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