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Apr 28, 2009, 07.21 PM IST
Sharekhan has downgraded its rating on Navneet Publications with a price target of Rs 59. The research firm expects the company to register a top line growth of 20.6% year on year (yoy) to Rs 495.8 crore, primarily driven by a robust growth in the stationery business (of 57% yoy).
Sharekhan has downgraded its rating on Navneet Publications with a price target of Rs 59 in its April 24, 2009 research report.
"The FY2009 performance of Navneet Publications (Navneet) is expected to be
"In view of the performance expected in FY2010 and the dividend yield of 4.1%, the stock is fairly valued at the current valuations. Since our last update on the company (ie March 19, 2009) the stock has appreciated by 34% and achieved our price target of Rs 59. Consequently, we are downgrading the stock to a Hold and advise partial booking of profits," says Sharekhan's research report.
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