ICICI Direct recommended hold rating on Dredging Corporation with a target price of Rs 480 in its research report dated February 14, 2017.
ICICI Direct's research report on Dredging Corporation
These very large opportunities would require acceleration of government investments. With the revival in revenue visibility we upgrade our assigned multiple to 12x (10x earlier) with implied P/BV of 0.7x maintaining HOLD with revised TP of Rs 480 (vs. Rs 400 earlier). We believe execution would remain crucial for revision in our earnings estimates.
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