Should you take a contrarian bet on Voltas post Q1 nos?

Tata-group firm Voltas Ltd reported a 48.49 percent decline in its consolidated net profit for the first quarter last week. Top brokerage houses have given contrarian bets on the stock. Take a look:

The Bull's view:
HDFC Securities has a buy on the stock with a target price of Rs 84. Kotak too has a buy on the stock with a target price of about Rs 100 and Religare’s buy call is accompanied by a target price of about Rs 95. Most of these are aggressive bull calls considering the current market price for Voltas.
The company’s Q1 results did disappoint and they have been disappointing for quite some quarters now. However, the important trends which have come in as far as this particular quarter is concerned is the overall situation on the cash, the orders, the profitability of the company are starting to improve.
Electro-mechanical projects (EMP) segment which is the largest segment as far as Voltas is concerned, there the overall outlook has improved as far as the overseas business is concerned, so while the overall inflow of orders could be significantly lower, the fact that the company is now starting to get some higher margin ticket orders as far as the EMP segment is concerned, is one of the positive takeaways.
Apart from that, the unitary cooling products (UCP) segment of the company was the big shocker in this quarter’s results. Overall, sales had declined because of the early onset of monsoon but the brokerages believe that this is not a structural slow down as far as Voltas is considered.
The company did report double digit gain and did report a market share gain in this particular quarter. Those two segments are definitely in tact as far as the company is concerned, domestic inflows are looking very-very upbeat. Overall on the valuation front at 11 times FY14 EPS the stock definitely looks cheap. The Bear's view:
There are two bear calls which are coming in from Barclays and from Edelweiss. Barclays has cut its target to Rs 87 and the rating is underweight over here. As far as Edelweiss is concerned, they have cut the target to Rs 80 from Rs 92 earlier and kept their rating at hold as of now.
Additionally, the brokerages have stated that numbers which were seen according to them were pretty poor and an outright disappointment. The revenue growth which was on the companies Q1 was also seen to be more or less flat.
The EMP business also reported EBITD losses and they do not see much of an improvement going ahead on this front as well.
The international order also witnessed some amount of decline and they were actually seen lower by about 41 percent in the Q1FY14 and they expect that this can be a situation which can continue to go ahead as well.
The Middle East business of the company also continues to be sluggish and an overhang on the company. That is what Edelweiss and Barclays are seeing in the numbers as such. The UCP segment which was a hit by the early onset of monsoon can be some of a bit of a concern going ahead.