HDFC Securities is bearish on Thermax has recommended sell rating on the stock with a target price of Rs 770 in its research report dated February 09, 2017.
HDFC Securities' research report on Thermax
In our view, with valuations of 27.0x FY19E EPS, a potential recovery in industrial orders is already priced into the stock. Though TMX provides quality business, the current environment does not justify these valuations. Maintain SELL with TP of Rs 770/sh (25x Dec18E EPS).
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