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Last Updated : Jul 01, 2020 07:10 PM IST | Source: Moneycontrol.com

Hold CESC; target of Rs 700: ICICI Direct

ICICI Direct recommended hold rating on CESC with a target price of Rs 700 in its research report dated June 30, 2020.

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ICICI Direct's research report on CESC


CESC reported a decent operational performance in Q4FY20. Revenues were in line with estimates while lower other expenses led to a beat in EBITDA. However, a shortfall in other income negated the EBITDA beat. Consequently, PAT was marginally lower than estimates. However, on the subsidiaries front, the performance of all generation and distribution subsidiaries has significantly improved across all verticals.


Outlook


We downgrade the stock from BUY to HOLD with a target price of Rs 700 per share (7x FY22E EPS).



For all recommendations report, click here

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First Published on Jul 1, 2020 06:33 pm
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