Friday, 7 November 2008

Buy Bharti Airtel, target of Rs 897: KRChoksey

KRChoksey Research has maintained its buy rating rating on Bharti Airtel with a revised target price of Rs 897 in its November 1, 2008 research report. "EBITDA excluding OI increased 33.3% y-o-y to Rs 3,424.3 crore in Q2FY09 supported by increasing profitability from the Enterprise services group and cost optimization of employee expenses. At CMP of Rs 649, the stock is trading at 17.4x TTM EPS of Rs 37.2. We maintain our BUY rating on the stock with a revision in target price from Rs 955 to Rs 897 due to sector de-rating and present market dynamics. At the target price the stock would be valued at 20x FY09E EPS of Rs 44.87, implying an upside potential of 38.2%," says KRChoksey's research report.

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Source: Moneycontrol

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