Hold Man Industries, tgt Rs 90: Religare

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Hold Man Industries, tgt Rs 90: Religare

Religare has maintianed hold rating on Man Industries with target price of Rs 90. Any positive trigger including an increase in the order book position will lead to a spurt in the stock price.

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Religare has maintianed hold rating on Man Industries with target price of Rs 90, in its July 02, 2008 report. "The stock currently trades at 7.1x 1-year forward diluted earnings. We are revising our one year target price from Rs120 to Rs90 because of a downward revision in our earnings estimate. To reflect this we are downgrading our rating from Accumulate to Hold. We believe that the sharp correction in the stock price reflects the worst as it is trading at the bottom end of its PE band. Hence, any positive trigger including an increase in the order book position will lead to a spurt in the stock price" says Religare report.

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