Buy Ceat, target Rs 1150: Religare Securities

Religare Securities has Buy call on Ceat Ltd. with a target price of Rs 1150.0. The current market price of Ceat Ltd. is 866.4. Time period given by analyst is year, when Ceat Ltd. price can reach defined target. Religare has cited the largely in-line Q1 results. It said it derives comfort from the company's improving product mix. It said that while near term concerns remain due to higher rubber prices, expansion-led volume growth in profitable segments could arrest the margin decline over the medium term. CEAT fell 2.41% to Rs 862.40 on Friday.