Hold Apollo Tyres, target Rs 292: Sharekhan
Hold Apollo Tyres Ltd. at a price target of Rs 292.0 .
By ETMarkets.com |
Sharekhan has a hold call on Apollo Tyres with a target price of Rs 292.
The current market price of Apollo Tyres is Rs 267.
Time period given by the brokerage firm is 'Long Term' when Apollo Tyres price can reach defined target.
In a report, Sharekhan says, "Given the margin pressures, we expect ATL earnings to grow at 7 per cent CAGR over FY2017-2020 period. The earnings growth significantly lags the robust topline growth of 13 per cent expected over the same period. We have broadly maintained our FY2019 earnings estimates. We have also introduced FY2020 earnings estimates in this note. We retain our Hold rating on the stock with a revised PT of Rs 292 as we rollover our target multiple on FY2020 earnings."
The current market price of Apollo Tyres is Rs 267.
Time period given by the brokerage firm is 'Long Term' when Apollo Tyres price can reach defined target.
In a report, Sharekhan says, "Given the margin pressures, we expect ATL earnings to grow at 7 per cent CAGR over FY2017-2020 period. The earnings growth significantly lags the robust topline growth of 13 per cent expected over the same period. We have broadly maintained our FY2019 earnings estimates. We have also introduced FY2020 earnings estimates in this note. We retain our Hold rating on the stock with a revised PT of Rs 292 as we rollover our target multiple on FY2020 earnings."
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