New Delhi,June,14: Prestige Estates share price: Global brokerage CLSA reiterated a ‘Buy’ rating on the stock and raised target price to ₹2,320.
Shares of Prestige Estates touched all-time high today (June 14) as they rose more than 6 per cent. This comes after global brokerage CLSA reiterated a ‘Buy’ rating on the stock and raised target price to ₹2,320- a likely upside of over 16 per cent from current levels.
The CLSA said that Prestige Estates’ valuations remain discounted compared to peers and the brokerage expects a continued re-rating as debt concerns appeared overblown. It noted, “Operational cash flow will significantly support its capex and project pipeline growth.”
Moreover, Elara Securities gave ‘Buy’ rating to Prestige Estates with a target price of ₹2,300 per share saying, “”Prestige Estates Projects is guiding a presales growth of 25 percent YoY in FY25, led by planned launches of ₹60,000 crore. This is supported by its dominant position in the home market of Bengaluru, consistently commanding ~10 percent volume market share. We view the company’s proven ability to access land via joint development agreements (JDAs) and industry-leading execution pace as key catalysts for accelerating new business development in the residential business.”
The company reported 70 per cent on-year decline in consolidated net profit at ₹140 crore in the March-ended quarter while total income fell by 31 per cent YoY to ₹2,232 crore.
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