LT Rating
NOMURA ON L&T Maintain Buy TGT 1654 - 17.05.2021
* MAINTAIN BUY , TARGET: 1,654
* Nomura maintains Buy call on L&T with an expectation of strong orderbook & higher services driving growth into FY23
* Strong Delivery On Core Margins/Cash Flows
* Sales To Rebound Sharply In FY22
* Near-term EBITDA Margin Susceptible To Rising Commodity Prices
* Cut FY22 Profit By 2% On Near-term Execution Headwind In Q1FY22
* Strong Orderbook & Higher Services Drive Growth Into FY23
KOTAK INSTL EQ ON L&T Maintain Buy TGT 1850 - 17.05.2021
* Kotak Instl Eq maintains Buy call on L&T. It believes stage is set for co to deliver high-teens profit CAGR over FY20-23
* MAINTAIN BUY TARGET: 1,850
* Stage Set For Co To Deliver High-teens Profit CAGR Over FY20-23
* Do Not Expect Hiccups Along The Way Given Strength Of The Backlog
JPMORGAN ON L&T Maintain Overweight TGT 1815 - 17.05.2021
* JPMorgan maintains Overweight on L&T, but cuts FY22/23 EPS estimate by 3/4%
* MAINTAIN OVERWEIGHT TARGET: 1,815
* Execution Headwinds To Be Transient
* Commodities Not Proving To Be An Unmanageable Concern
* Cut FY22/23 EPS Estimate By 3/4%
* Focus On Recycling B/S & Achieving 18% ROE Key Positives
MORGAN STANLEY ON L&T Maintain Buy TGT 1816 - 17.05.2021
* MS finds current valuations of L&T compelling, maintains Overweight call on the stock
* MAINTAIN BUY TARGET: 1,816
* Guidance Will Be A Discussion Point But It's Delivered In Far Tougher Fiscal
* Flat Margin Is A Positive Outcome
* Valuations Remain Compelling
GOLDMAN SACHS ON L&T - 17.05.2021
* Goldman Sachs has a Buy rating on L&T as it believes stars are aligning for next leg of capex uptick in India
* MAINTAIN BUY, TARGET: 2,000
* Strong Performance; Optimistic Commentary* Results Also Allay Investor Worries Around Structural Margin Concerns
* All Indicate Strong Discipline & Focus On Profitability
* Stars Are Aligning For Next Leg Of Capex Uptick In India
NOMURA ON L&T - 17.05.2021
* Maintain BUY, Target at Rs 1654/share
* Sales to rebound sharply in FY22; near-term EBITDA margins susceptible
* Strong order book and higher services drive growth into FY23F
* Cut FY22F PAT by 2% on near-term execution headwind in Q1FY22
