Buy Coffee Day Enterprises Ltd., target Rs 280.0 : Citigroup

Citigroup has Buy call on Coffee Day Enterprises Ltd. with a target price of Rs 280.0. The current market price of Coffee Day Enterprises Ltd. is 240.7. Time period given by analyst is year, when Coffee Day Enterprises Ltd. price can reach defined target. The vending and exports have done better than the key coffee business. The average sales per day (ASPD) numbers have been lower than expected. The global investment bank has raised revenues estimates by 6-8 per cent driven by vending and exports. The margins are lowered given the revised mix, and near-term investments.