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Sell Venky’s India; target of Rs 3700: Kotak Securities

Kotak Securities is bearish on Venky’s India has recommended sell rating on the stock with a target price of Rs 3700 in its research report dated April 11, 2018.

April 12, 2018 / 13:31 IST
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    Kotak Securities' research report on Venky’s India

    Venky’s stock has now run up 216% since we initiated coverage (July, 2017) on the stock. In the last three months, the stock has appreciated 85%, as strong earnings performance in recent quarters has led to better perception among investors, aiding a re-rating. In our last update (March, 2018), we had noted signs of weakening poultry prices.

    Outlook

    Given the weakness in poultry prices over the past six weeks, the run-up in the stock over the past month has likely been excessive, and takes for granted a significant rise in poultry prices. We believe there is a high likelihood of a significant decline in Venky’s stock over the next year. We downgrade the stock to SELL, with a price target of Rs 3700.For all recommendations report, click here

    Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

    Broker Research
    first published: Apr 12, 2018 01:31 pm

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