Sharekhan is bullish on Larsen and Toubro has recommended buy rating on the stock with a target price of Rs 1614 in its research report dated January 22, 2020.
Sharekhan's research report on Larsen and Toubro
Q3FY2020 results were weak as revenue was affected by conscious slowdown in execution of infrastructure projects, although better OPM ensured that net earnings only marginally missed estimates. The management retained order inflow and revenue guidance for FY2020 as key issues hindering execution were resolved; it expects domestic public sector tendering pick up in Q4 as the fiscal closes. Order pipeline visibility remains strong at Rs. 3 lakh crore, comprising Rs. 2.5 lakh crore of domestic orders and the rest international.
We maintain our Buy rating on Larsen and Toubro (L&T) with a revised PT of Rs. 1,614 as we are constructive on execution with unchanged earnings estimates; we also roll forward our valuation to FY2022.
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