Emkay Global Financial Services puts buy on TRF; target price Rs 1285
TRF
CMP: Rs 668
Target Price: Rs 1,285
Emkay Global Financial Services has rated TRF a buy, while downgrading its price target to Rs1285 from Rs1896 earlier, following its lower-than-expected first quarter results.
���We believe that successful and timely execution of order backlog shall be core to future earnings performance and valuations. Rising concerns on successful execution of order backlogs and impending challenges on profitable execution has justified downward revision in valuation multiple,��� the brokerage said in a client note.
���We continue to maintain a positive outlook on the Material Handling Equipment (MHE) industry and TRF in particular. We expect continued momentum of order inflow in power and ports vertical and accelerated order inflow in steel vertical,��� it added.
CMP: Rs 668
Target Price: Rs 1,285
Emkay Global Financial Services has rated TRF a buy, while downgrading its price target to Rs1285 from Rs1896 earlier, following its lower-than-expected first quarter results.
���We believe that successful and timely execution of order backlog shall be core to future earnings performance and valuations. Rising concerns on successful execution of order backlogs and impending challenges on profitable execution has justified downward revision in valuation multiple,��� the brokerage said in a client note.
���We continue to maintain a positive outlook on the Material Handling Equipment (MHE) industry and TRF in particular. We expect continued momentum of order inflow in power and ports vertical and accelerated order inflow in steel vertical,��� it added.
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