Hold CESC Ltd., target Rs 660.0 : JM Financial

JM Financial has Hold call on CESC Ltd. with a target price of Rs 660.0. The current market price of CESC Ltd. is 640.95. Time period given by analyst is year, when CESC Ltd. price can reach defined target. JM Financial said the stock has been languishing due to concerns on potential impact on Kolkata Discom profits and Chandrapur plant losses. It said losses could continue until Noida PPA starts, post which plant may be near breakeven. It pegged PE at 12.7x FY17 and 7.6x FY18E earnings.