Sharekhan is bullish on Bharat Electronics has recommended buy rating on the stock with a target price of Rs 180 in its research report dated April 2, 2018.
Sharekhan's research report on Bharat Electronics
The stock price of Bharat Electronics Limited (BEL) has corrected sharply by ~22% over the past three months due to earnings contraction in Q3FY2018 coupled with delay in order booking of Akash Missile System (Rs. 6,000 crore) and long- range surface-to-air missile for P17A (Rs. 9,000 crore). Further, subdued market conditions and recent lacklustre listing of smaller peers such as Hindustan Aeronautics Ltd.
OutlookMargins expected to taper off in FY2019E but would pick up in FY2020.BEL continues to remain our preferred pick in the domestic defence play. We maintain our Buy rating on the stock with a revised price target (PT) of Rs. 180.
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