IIFL has recommended a buy rating on Larsen and Toubro with a 12-month target price of Rs 3553 in its September 2, 2008 research report. "L&T’s FY08 annual report highlights the company’s strong financial position enabling the company to embark on major capacity and capability enhancement programme. Restructuring of existing divisions into twelve operating companies within the parent should make the company more nimble. An expanding footprint in the Middle East should help cushion impact of any slowdown in ordering activity in the domestic market. Buy 12-month target price of Rs 3553," says IIFL's research report.

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