Buy Lloyd Electric and Engineering, target of Rs 142: Emkay

Emkay Global Financial Services has recommended a buy rating on Lloyd Electric and Engineering with a target price of Rs 142 in its July 1, 2008 research report. "Given the strong growth prospects for LEEL, we expect the standalone revenues, EBITDA and PAT to grow at a CAGR of 27%, 30% and 33.2% respectively during FY08A-10E. At the CMP of Rs 98, the scrip trades at 4.5xFY09E and 3.3xFY10E earnings respectively, which is at a discount to its peers."

"We initiate coverage on the stock with a BUY rating and a price target of Rs 142. At our target price, the scrip trades at a one year forward P/E of 6.5x," says Emkay's research report.

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