Axis Direct is bullish on Redington India has recommended buy rating on the stock with a target price of Rs 140 in its research report dated February 08, 2017.
Axis Direct's research report on Redington India
We expect 13%/14% CAGR in revenue/EPS over FY16-18. We reduce our target PE to 10x (vs. 12x earlier) due to languishing growth in IT hardware spends and margin profile which impacts near-term visibility. Redington will continue to grow higher than the industry. Our revised TP stands at Rs 140 (10x FY18E EPS) vs. Rs 167 earlier, which implies 34% upside from CMP of Rs 105. The stock trades at 8.5x/ 7.5xFY17E/FY18E EPS of Rs 12/14.
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