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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Monetary Policy Committee
Having agreed this week to formally adopt inflation targeting as a guiding star for monetary policy, India's government and central bank remain at odds over how crucial decisions are made. Full Article
PM Modi to ramp up help for Indian Ocean nations to counter China influence Full Article