Larsen & Toubro to outperform: Daiwa Capital

Daiwa Capital Markets has retained its ‘Outperform’ rating on Larsen & Toubro, saying the company has diversified businesses and will be in a good position when industrial capital expenditure revives.

Daiwa lowered the target price on the stock to Rs 1,347 from Rs 1,630 earlier on reduced valuation to 14x for the core business.