Hindustan Aeronautics Ltd.’s blockbuster first quarter performance, especially in terms of operational profitability growth and margin expansion, has been greeted with triple target price raises by brokerages.
JPMorgan has hiked HAL’s price target to Rs 5,733 from Rs 5,145 earlier and maintained an ‘overweight’ rating on the stock backed by high return on capital employed and equities, large orderbooks, and comparatively cheaper valuation.
The brokerage noted that Q1 increases confidence in full year guidance of 10-12% revenue growth and flat margins.
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