Global brokerage firm CLSA maintained its ‘buy’ rating for the crisis hit Adani Group’s Adani Ports and Special Economic Zone.
What Happened: Adani Ports’ share price saw its seven-session winning streak halted on Tuesday even as the company received a positive boost in the form CLSA maintaining its ‘buy’ call. The brokerage firm also raised its price target price for the stock to ₹790 from the earlier ₹700. The new target price translates to an around 19% upside from the stock’s last closing price of ₹664.90.
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The slump today comes as several other stocks of the Adani Group are trading deep in the red. At the time of writing, nine out of the 10 listed companies of the group were deep in the red including Adani Ports, Adani Enterprises, Adani Power, and Adani Green.
Talking about their view, CLSA said that the company ended the year on a good noted but missed targets in terms of traffic. The firm also added that focus on business will return as the concerns regarding the Adani Group recede. It noted that the company has issued guidance for double-digit EBITDA growth over FY22-FY2024.
Price Action: Adani Ports’ share price was down 1.25% to trade at ₹656.60 in the late hours of trading on Tuesday.
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