Wednesday, 29 October 2008

Buy Garware Offshore, tgt Rs 144: India Capital Markets

India Capital Markets has recommended a buy rating on Garware Offshore Services with a target price of Rs 144 in its October 29, 2008 research report. "Garware Offshore Services (GOSL) has reported excellent numbers in Q2FY09 with strong revenue growth in revenues 79% yoy at Rs 446 million. GOSL is currently trading at a discount of 30-40% to its peer group. Our target price of Rs 255 was based on DCF valuation on a long term perspective. However, contraction in multiples will lower our target price to Rs 144, which works at 4x FY2010 earnings. Hence we recommend a BUY on the stock," says India Capital Markets' research report.

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Source: Moneycontrol

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