Nirmal Bang has recommended a buy rating on Suzlon Energy with a target price of Rs 194 in its November 5, 2008 research report. "We expect Suzlon to report a CAGR of 38.5% during FY08 to FY12E in net sales on the back drop of strong order book position and significant expansion plans of the company. These coupled with unprecedented demand for wind energy will drive growth for the company going forward. We expect Suzlon to report net profit CAGR of 54.7% during FY08 to FY12E. At CMP of Rs 44.5 the stock is trading at 4.18X and 2.75X its FY 09E and FY 10E diluted earnings. At current levels the stock looks undervalued and holds strong potential for upside. Therefore we assign a buy rating on the stock with the target price of Rs 194.0 per share," says Nirmal Bang's research report.

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