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.
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.
We retain our Buy rating on Apollo Tyres Ltd (ATL) with a revised PT of Rs 230.
For all recommendations report, click here
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