Motilal Oswal has maintained its neutral rating on Larsen and Toubro with a target price of Rs 2956 in its August 19, 2008 research report. "On consolidated basis, we expect L&T to report net profit of Rs 33.1 billion (up 43.6% YoY) in FY09 and Rs 40.3 billion (up 21.9% YoY) in FY10, translating into an EPS of Rs 113.4 per share and Rs 138.0 per share, respectively. We value L&T based on Sum of Parts methodology and arrive at price target of Rs 2,956 per share. Maintain Neutral," says Motilal Oswal's research report.

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