HDFC Securities is bullish on Carborundum Universal has recommended buy rating on the stock with a target price of Rs 340 in its research report dated February 07, 2017.
CUMI is slated to begin commercial operations in its relocated facilities in 4QFY17E. The same is expected to aid revenue growth and improve capital efficiency, thereby return ratios. A turnaround in the international abrasives business also augurs well for the company. Despite a soft 3QFY17, we see long-term drivers to be in place for CUMI. Reiterate BUY with a revised TP of Rs 340/share (25x FY19E EPS).
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