Moneycontrol Be a Pro
Get App
Last Updated : Jul 08, 2019 01:15 PM IST | Source: Moneycontrol.com

L&T shares fall 4% after Bank of America ML downgrades to neutral

According to the brokerage, L&T may register 14 percent sales & 16 percent EPS CAGR in FY19-21

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

Larsen & Toubro shares fell more than 4 percent intraday on July 8 after global brokerage house Bank of America Merrill Lynch downgraded the stock to neutral with a target price at Rs 1,719, implying 10 percent potential upside from current levels.

"The stock priced well for mid-cycle and there is limited scope for positive surprises," said the investment firm that does not expect acceleration to capex cycle in near term.

Bank of America Merrill Lynch said government capex as a percentage of GDP has peaked at 6 percent while growth in real estate & private capex are likely to remain muted.

Close

According to the brokerage, L&T may register 14 percent sales & 16 percent EPS CAGR in FY19-21.

The stock was quoting at Rs 1,498.80, down Rs 58.30, or 3.74 percent on the BSE at 1248 hours IST.

Disclaimer: The views and investment tips expressed by brokerages on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jul 8, 2019 01:15 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant