ICICI Direct is bullish on D-Link India has recommended buy rating on the stock with a target price of Rs 140 in its research report dated May 16, 2017.
ICICI Direct's research report on D-Link India
D-Link reported 15.6% YoY decline in total revenues to Rs 154.8 crore as the company took a corrective action of doing away with technologically obsolete inventory in the ongoing shift from 3G to 4G in India. It is a one-time impact. Sales should recover in the coming quarters.
The stock continues to be available at an attractive valuation of 8.8x FY19E EPS. We value the stock at 12.5x FY19E EPS of Rs 11.2 and arrive at a revised target price of Rs 140. We maintain BUY recommendation on the stock.
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