Buy Larsen and Toubro, target of Rs 3337: Religare

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Buy Larsen and Toubro, target of Rs 3337: Religare

Religare has recommended a buy rating on Larsen and Toubro with a target price of Rs 3337. During FY08, Larsen and Toubro's core business traded at a high of 35x FY09E EPS. The stock has corrected significantly off its highs and is now trading at 21x FY09E.

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Religare has recommended a buy rating on Larsen and Toubro with a target price of Rs 3337 in its June 16, 2008 research report. "During FY08, Larsen and Toubro's core business traded at a high of 35x FY09E EPS. The stock has corrected significantly off its highs and is now trading at 21x FY09E. We value the core business at Rs 2694 (22x FY10E EPS) with other businesses valued at Rs 643. Cumulatively, we arrive at a fair value of Rs 3337," says Religare's research report.
 
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