Neutral Exide Industries, target Rs 156: Goldman Sachs

Goldman Sachs upgraded Exide Industries from sell to neutral and has also raised its 12-month target price to Rs 156 from Rs 141.

The positive surprises to inverter battery demand led by higher power cuts in India are some factors behind the upgrade. Increase inverter battery demand forecasts from -11% CAGR to over 2% over FY16-19E. The global brokerage firm continue to prefer Amara Raja over Exide in Indian battery market.