Goldman reiterates 'buy' on Crompton Greaves
Reuters Market Eye - Goldman Sachs retains its "buy" rating on Crompton Greaves Ltd (CROM.NS) and adds the stock to its Asia-Pacific Conviction List.
Goldman cites a favourable risk-reward ratio after the Indian power equipment maker completed the restructuring of its Belgium plant in the quarter ended in December.
The bank adds Crompton Greaves' valuations are trading at a historical trough, calling it "unjustified."
Goldman's report comes after Morgan Stanley added Crompton Greaves, among other stocks, to its India model portfolio in a report on Friday.
However, Goldman has cut Crompton's sum-of-the-parts target price to 127 rupees from 144 rupees to factor in slower improvement in overseas margins after the December quarter results.
(Reporting by Abhishek Vishnoi)
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