Motilal Oswal is bullish on CESC has recommended buy rating on the stock with a target price of Rs 970 in its research report dated February 12, 2017.
Motilal Oswal's research report on CESC
We resultantly upgrade our SOTP value for Spencer from 0.4x to 0.5x sales. Further surprises could drive upside risk. We have also incorporated INR 7b of investment in wind assets in FY17. Our TP is revised to INR 370/sh. We continue to like CESC for its healthy FCF generating Kolkata business and potential for doubling of earnings in FY18 with commissioning of Noida PPA. Re-iterate Buy.
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