Sharekhan recommended is bullish on Larsen and Toubro has recommended buy rating on the stock with a target price of Rs 1655 in its research report dated January 25, 2019.
Sharekhan's research report on Larsen and Toubro
L&T reported strong operating performance backed by healthy execution and stable operating margins during Q3FY2019. Further, higher other income (leveraged funds parked in investments) boosted net earnings. Management reiterated FY2019 guidance and is on track on achieving ROE improvement by FY2021. Further, management keeps options open for rewarding shareholders in the near term. Strong order backlog, smooth execution and stable operating margins are likely to aid in 18% CAGR in net earnings during FY2018-2020E.
We maintain our Buy rating on Larsen & Toubro (L&T) with an unchanged PT of Rs. 1,655.
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