Feb 16, 2017 06:15 PM IST | Source: Moneycontrol.com
Hold Butterfly Gandhimathi; target of Rs 165: ICICI Direct
ICICI Direct recommended hold rating on Butterfly Gandhimathi with a target price of Rs 165 in its research report dated February 14, 2017.
ICICI Direct's research report on Butterfly Gandhimathi
Butterfly Gandhimathi Appliances (BGAL) reported a disappointing set of Q3FY17 numbers performance on account of absence of government orders and decline in the branded sales which was hit hard by demonetisation.
Uptick in institutional sales and improvement in margins in a highly competitive market would be critical for a re-rating of the stock. We have a HOLD recommendation with a target price of Rs 165 on the stock (based on 0.5x FY19E Market cap/sales).
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