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Lee Byers downgrades Crompton Greaves; cuts target by 55 per cent
Lee Byers has downgraded Crompton Greaves Ltd to 'underweight' from 'overweight' and cut target price to Rs 135 from Rs 300 citing two back-to-back disappointing quarter earnings.
FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 29, 2011 --
Lee Byers has downgraded Crompton Greaves Ltd to 'underweight' from 'overweight' and cut target price to Rs 135 from Rs 300 citing two back-to-back disappointing quarter earnings.
Crompton posted a 58.6 percent fall in April-June consolidated net profit on muted revenue growth and higher raw material costs .
"In our view, near-term quarterly results could remain strained and drive stock underperformance," Lee Byers Martin Li Fong said in a note adding it had cut the company's FY12 EPS forecast by 44 percent. "We expect a sharp deterioration of profitability to lead the price to earnings de-rating. We recommend a switch to Siemens India," it added.
Name: Susan Rogers
Company: Lee Byers
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