Sharekhan has maintained its buy rating on Apollo Tyres with a target of Rs 45 in its December 22, 2008 research report. "The company’s performance may get affected by the demand slowdown and fluctuating raw material prices, but in the long run, the company is likely to benefit from the strong growth opportunities and its leadership position in the market. At the current market price of Rs 19, the stock discounts its FY2010E earnings by 4.2x and quotes at an enterprise value/earnings before interest, tax, depreciation and amortisation of 2.9x. We maintain our Buy recommendation on the stock with a price target of Rs 45," says Sharekhan's research report.
 
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