Emkay Global Financial Services has maintained its buy rating on Sterlite Industries (India) with a target of Rs 637 in its September 26, 2008 research report. "Currently Sterlite is trading at EV/EBITDA of 2.4x our FY10 estimates, which includes assumptions of buyout of HZL and BALCO stake. At our target price, Sterlite will trade at EV/EBITDA of 3.2x FY10 estimates, a discount of almost 15% to the global base metal companies. We maintain BUY on the stock with revised target price of Rs 637 with an upside of 34% from the current level," says Emkay Global Financial Services' research report.

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