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Last Updated : May 13, 2019 04:46 PM IST | Source: Moneycontrol.com

Buy Apollo Tyres; target of Rs 230: Sharekhan

Sharekhan is bullish on Apollo Tyres has recommended buy rating on the stock with a target price of Rs 230 in its research report dated May 10, 2019.

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Sharekhan's research report on Apollo Tyres


ATL continues to be our preferred pick in tyre space. Weak show by European business hit Q4 numbers; volume drop amid rising capex took toll on margins. ATL is poised to grow in double digits over FY19-21 led by strong replacement demand in domestic market and capacity expansion in Europe. Health Debt: Equity of 0.3x and tapering off the capex to boost return ratios. Recent 15% correction in the stock provides a good entry point.


Outlook


We retain our Buy rating on Apollo Tyres Ltd (ATL) with a revised PT of Rs 230.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies 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.



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First Published on May 13, 2019 04:46 pm
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