Broker's call: Deutsche retains buy rating on L&T

Deutsche Bank has maintained its ‘Buy’ rating on Larsen & Toubro with a target price of Rs 1,805 as L&T’s competitive strength vis-a-vis peers has widened to the extent that it is unlikely to reverse (at least in the near term).

Average NWC/sales of peers are 40 per cent v/s L&T at 15-18 per cent, making it virtually impossible for peers to participate in new orders.