Why This Adani Stock Hit Another 52-Week High Today

Adani Ports’ share price continued to make gains on Wednesday morning, going up over 6% to hit a new 52-week high of ₹1,079.90.

What Happened: The surge today comes as Citi maintained its “buy” rating on the stock with a price target of ₹1,213. The price reflects an around 20% upside from the stock’s last closing price of ₹1,013.1.

The global brokerage firm said that the Adani Group company exhibits consistent execution and growth, solidifying its dominance in India’s port and logistics sector. The brokerage added that the valuation this year has been impacted by adverse news surrounding the Gautam Adani-led conglomerate.

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Now, despite the recent post-election rally the analysts at Citi still think that there is still some upside left. As per the firm, The commencement of new projects and the robust performance of the logistics business contribute positively to the company’s outlook.

Earlier on Tuesday, another brokerage firm, Kotak Securities maintained the “buy” rating for the stock with a price target of ₹1,060. The domestic brokerage said that the port major's robust performance in November and year-to-date volumes have surpassed expectations.

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Price Action: Adani Ports’ share price was up 6.29% to trade at ₹1,076.80 as the markets opened on Wednesday.

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Posted In: EquitiesPrice TargetReiterationMarketsAnalyst RatingsMoversTrading IdeasAdani GroupAdani PortsCLSA