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Goldman downgrades Adani Ports to neutral, sees no imminent catalysts near term

Goldman Sachs downgraded the stock to neutral post recent outperformance

April 07, 2017 / 05:41 PM IST
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Todays L/H

Adani Ports and Special Economic Zone stock price slipped more than 2 percent at close on Friday as Goldman Sachs downgraded the stock to neutral post recent outperformance.

The brokerage house also removed the stock from its conviction list as it sees no imminent catalysts near term and limited upside post the recent run-up.

Since the research house added the stock to its Conviction List on November 23, 2016, the stock gained 35 percent against benchmark Sensex up 15 percent largely due to continued market share gain and management's commitment to improve its Balance Sheet.

The stock rallied 14 percent since it added to the buy list on April 29, 2015 against Sensex up 10 percent on strong volume growth.

Goldman Sachs says now, with the stock trading at 3.2X FY19 P/B post this run-up and CROCI (cash return on capital invested) expected to remain flat over the medium term, it sees limited room for upside.

Posted by Sunil Shankar Matkar

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