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EIH a market performer: India Infoline
India Infoline has upgraded its rating on EIH to market performer with a target price of Rs 126. EIH is expected to witness a CAGR of 15% and 17% in sales and earnings respectively over FY08-10E.
India Infoline has upgraded its rating on EIH to market performer with a target price of Rs 126 in its June 23, 2008 research report. "On the back of commissioning of 440 room Mumbai property by end CY08, we believe earnings growth are likely to improve in FY10 while management contracts in Bangalore and Hyderabad would provide a steady revenue stream. Although margins have improved on a consolidated basis in the just ended fiscal, these are likely to be under pressure as moderate ARR growth and higher staff costs are likely to act as a dampener."
"EIH is expected to witness a CAGR of 15% and 17% in sales and earnings respectively over FY08-10E and we expect healthy cash flows from FY10 onwards as ongoing capex tapers off. We upgrade our rating on the stock to MP with a price target of Rs 126," says India Infoline's research report.
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