Moneycontrol
Get App
Last Updated : Apr 12, 2019 01:12 PM IST | Source: Moneycontrol.com

Lemon Tree Hotels gains 3% as CLSA maintains buy, sees 14% upside

CLSA said key acquisition and new management contract opportunities will help company gain scale.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Lemon Tree Hotels rallied nearly 3 percent intraday on April 12 after CLSA said it has maintained its buy call on the stock with a price target at Rs 89, implying 14 percent upside.

The stock was quoting at Rs 79.45, up Rs 1.10, or 1.40 percent on the BSE, at 12:08 hours IST.

CLSA said key acquisition and new management contract opportunities will help company gain scale.

The company recently announced acquisition of Keys hotels, which shows that it is gaining its scale, the brokerage said, adding the acquisition will add 26 percent to owned room count & 55 percent to managed room count.

"Hence company gets closer to its target of 12,000 rooms by 2021 and is committed to moving to an asset-light mode," CLSA said.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
First Published on Apr 12, 2019 01:12 pm
More From
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant