Brokers' call: Espirito cuts Gujarat Pipavav Port rating

Espirito Santo Securities has downgraded transport and logistics company Gujarat Pipavav Port from ‘Buy’ to ‘Neutral’ and said that the fair value for the share price of the company is Rs 51. The broker said that the company has given a strong performance but it is priced in now.

The stock has outperformed the BSE 500 index by 19% over the past three months and the stock has a limited upside form current levels. While steady growth is expected in the company’s container segment and realisations are better than expected, the bulk volumes would disappoint.