Dolat Capital is bullish on Larsen and Toubro has recommended buy rating on the stock with a target price of Rs 1600 in its research report dated May 13, 2019.
Dolat Capital's research report on Larsen and Toubro
Q4 was an inline quarter and the drop in infra margins were due project mix. It has given an upbeat guidance for FY20 in terms of inflows, revenues and margins, which it continues its upwards RoE trajectory. Remains the best proxy for the Indian infrastructure story. We continue to maintain our Buy with an unchanged TP of ` 1600.
We have marginally increased our FY19/20 sales/EBDITA/PAT estimates by 4%/6%/6% and believe LT is the best way to play across the capex cycles in India. We maintain Buy with an unchanged TP of ` 1600.
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