ICICI Direct is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 462 in its research report dated November 29, 2016.
ICICI Direct's research report on Bata India
H2FY17 is expected to be hit on account of demonetisation resulting in a decline in footfalls, consequently leading to a fall in revenues for FY17E. However, we anticipate the impact of the same will remain for a shorter term. Going forward, we expect a revival in sales growth from FY18E onwards. We believe the recent price correction may act as a good entry point considering the scope of enhanced profitability and improving return ratios. Hence, we upgrade our recommendation on Bata to BUY with a target price of Rs 462 (based on 27.0x FY19E EPS of Rs 17.1).
For all recommendations, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.