02:21
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Bank of America Merrill Lynch has downgraded Bharat Electronics (BEL) to underperform from buy after it saw a sharp 48 percent outperformance versus its peers in the last three months. The brokerage’s target price at Rs 2720 per share remains unchanged. “We now expect BEL to underperform as investors look beyond the 23 percent FY14-17E order CAGR toward earnings growth, which should be subdued, at a 9.5 percent CAGR in FY15-17E. Our FY17 estimates are 7 percent below consensus,” it says in a report.
BEL has been enjoying investors’ favouritism as defence remained a key focus area under the new government led by Narendra Modi. The company has bagged orders worth Rs 11300 crore since November 2014 and BoA ML expects approval for a further Rs 4200 crore in 1H15.
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Posted in: Indian Market Tips
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