February 23, 2018 / 4:30 AM / 6 months ago

BUZZ-India's Avenue Supermarts hits record high after GS raises PT

** Avenue Supermarts Ltd’s shares rise as much as 4.3 pct to 1,294 rupees; stock hits record high

** Goldman Sachs raises PT on stock to 1,672 rupees from 1,611 rupees with ‘buy’ rating, citing higher store growth and lease mix

** GS expects co to open 24, 28 and 30 stores in FY 2019, 2020 and 2021 respectively, after CEO’s comments in recent interview

** GS also cuts FY 19-21 (average) same store sales growth assumption to 11.6 pct from 12.3 pct previously as higher number of stores could “lead to some cannibalization”

** Two of five brokerages rate the stock “buy” or higher, one “hold” and seven “sell” or lower; their median PT is 1,003 rupees

** Up to Thursday’s close, stock had more than doubled since its IPO debut in March 2017

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