Hold Motilal Oswal, target of Rs 77: ICICIdirect.com

ICICIdirect.com has recommended a hold rating on Motilal Oswal Financial Services with a target of Rs 77 in its October 17, 2008 research report. "Motilal Oswal Financial Services (MOFSL) reported its Q2FY09 consolidated results, which were mostly in line with our expectations. The company reported de-growth of 10% (YoY) and 17% (YoY) in consolidated revenues and profit, respectively. We believe MOFSL is a long-term bet with a better business model in place (franchisee model), cautious management and de-risked business model. We, therefore, revise MOFSL’s target price by assigning a P/E multiple of 11x its FY10E EPS of Rs 7 to arrive at a target price of Rs 77,Hold," says ICICIdirect.com's research report.

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