Citi cuts Sensex target to 29300 for June 2016 on earnings

Aditya Narain, Citi revises Sensex target to 29,300 for June 2016 against 35,000 earlier and introduce a December 2016 target of 32,000, benchmarked off a 1-year forward P/E of 16x.

November 19, 2015 / 11:14 IST

Aditya Narain, Citi says the market, with significant earning cuts has reset lower. With its drivers well into transition and coming together, he sees a recovering growth cycle, rising earnings and a well-valued market ahead.

He revises Sensex target to 29,300 for June 2016 against 35,000 earlier and introduce a December 2016 target of 32,000, benchmarked off a 1-year forward P/E of 16x.

"Our sector overweights are financials, energy, pharma, autos, cement and utilities," Narain says.

first published: Nov 19, 2015 09:06 am

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