Accumulate Rico Auto, target of Rs 18: Angel

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Accumulate Rico Auto, target of Rs 18: Angel

Angel Broking has upgraded its rating on Rico Auto from neutral to accumulate with a target of Rs 18. The research firm assigns a target multiple of 2.5x FY2010E EV/EBITDA and 6x FY2010E consolidated earnings to the stock.

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Angel Broking has upgraded its rating on Rico Auto from neutral to accumulate with a target of Rs 18 in its October 3, 2008 research report. "At current levels, Rico is reasonably valued compared to its peers. Rico's appetite for organic growth appears high, but the pace may be slower than expected due to slow down in the Automobile sector and overseas market. Nonetheless, news flow on growth initiatives and fair valuations, makes us positive on the stock. We assign a Target multiple of 2.5x FY2010E EV/EBITDA and 6x FY2010E consolidated Earnings to the stock. We upgrade the stock to Accumulate from Neutral, with a Target Price of Rs 18," says Angel Broking's research report.

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