Moneycontrol
Last Updated : Sep 04, 2018 11:45 AM IST | Source: Moneycontrol.com

CG Consumer Electrical down 3%; Credit Suisse cut target to Rs 320, maintains outperform

The research house has maintained outperform rating with potential upside of 28 percent.

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Shares of Crompton Greaves Consumer Electrical declined 3.5 percent intraday Tuesday after research house Credit Suisse cut the target price to Rs 320 from 330.

The research house has maintained outperform rating with potential upside of 28 percent.

The near-term pain point is price-led competition in LED market. Go-to market changes are progressing, while overall process to take 18 months.

Research house cut FY19-21 EPS estimates to factor in margin pressure in lighting business.

Macquarie has maintained outperform rating with a target at Rs 300 per share.

The share trades at 28 percent discount to Havells. Its fan segment continues to benefit, while new product launches should aid the growth.

Its valuation looks attractive at a 30x FY20 PE, it added.

At 11:26 hrs Crompton Greaves Consumer Electrical was quoting at Rs 241.70, down Rs 7.60, or 3.05 percent on the BSE.

Posted by Rakesh Patil

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First Published on Sep 4, 2018 11:44 am
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