20 Feb 2009, 1620 hrs IST, ET Bureau
MUMBAI: Credit Suisse has maintained 'sell' rating on DLF, while reiterating its cautious outlook on the real estate sector.
According to the investment bank, the New Delhi-based realty major's third quarter results confirmed a significant slowdown in property sales and construction activity in India.
"We push back our medium-term development pipeline projections and lower our property price assumptions," Credit Suisse said in a report.
The investment bank has lowered its earnings per share (EPS) estimates for FY2009-FY2011 by 29%-62% and cut its 12-month target price to Rs 124 from Rs 203.
"We believe the recent strength in the share price, up about 20% from its recent trough post weak 3Q numbers, presents a profit taking opportunity," Credit Suisse said.
The share touched a low of Rs 124.15 on February 4. On Friday, DLF shares ended at 155.05, down Rs 1.30 or 0.83% from Thursday.
via:E.T
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