Friday 7 November 2008

Buy Mercator Lines, target of Rs 56: PINC

PINC Research is bullish on Mercator Lines and has recommended a buy rating on the stock with a target of Rs 56, in its November 06, 2008 report. "Mercator Linesstands at an advantage vis-a-vis comparable peer group as 75% of its fleet is tied up in lucrative time charters, insulating it from the present market collapse. We believe this along with its expanding presence in other segments like dredging, offshore & coal mining should lead to stability on earnings front despite the current industry turmoil. We have valued MLL on a conservative basis, applying a 50% discount to NAV as our target price. Thus, we maintain our ‘BUY’ recommendation with an 18-month revised price target of Rs 56," says PINC's research report.

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Source: Moneycontrol

Posted by Harsh at 07:39

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