ICICI Direct is bullish on Greaves Cotton has recommended buy rating on the stock with a target price of Rs 170 in its research report dated February 16, 2017.
ICICI Direct's research report on Greaves Cotton
With strong growth in non-auto revenues and bounce back of auto segment revenues (led by price hikes of new BS IV engines), we forecast revenues will grow 14% YoY. Other positives like robust cash flow generation, cash rich balance sheet and reasonable yield will cushion against soft topline performance. We continue to rate the stock as BUY and maintain our target price of Rs 170/share.
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