Godrej Properties gains 5% as BofA upgrades stock to 'Buy', lifts target price

BofA said that the residential real estate cycle remains robust and Godrej Properties is well-positioned with ample inventory.

Moneycontrol News

November 22, 2024 / 13:19 IST

Godrej Properties Ltd

26 Aug, 2025 12:21

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Shares of Godrej Properties surged nearly 5 percent after Bank of America (BofA) upgraded the stock to a 'Buy' rating from 'Neutral' and raised its target price to Rs 3,600 from Rs 3,500, citing an attractive risk-reward profile following the recent correction.

At 1 PM, Godrej Properties was trading 4.5 percent higher at Rs 2,828. The stock has gained over 40 percent year-to-date, significantly outperforming the Nifty 50, which has risen 9 percent during the same period. Today marked the stock's fifth consecutive day of gains. The stock gained 9 percent in the week ended November 17, recovering from four consecutive weeks of negative returns.

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BofA said that the residential real estate cycle remains robust and Godrej Properties is well-positioned with ample inventory. The brokerage projects over 20 percent compound annual growth rate (CAGR) in bookings. Furthermore, BofA expects the company's collections and operating cash flow (OCF) growth to outpace its bookings.

In the previous session, shares of Godrej Properties gained after the Mumbai-based real estate developer informed the exchanges that it has acquired a 53 acre land parcel in Joka, Kolkata. The proposed project has an estimated revenue potential of Rs 500 crore.