Shares of Adani Ports continued to make gains for the eighth straight session on Tuesday going up over 3% to hit a new all-time high of ₹1,424.95.
What Happened: Citi maintained its “buy” rating for the Adani Group stock raising the target price to ₹1,758 from ₹1,564. The revised target indicates an around 27% upside from the stock’s last closing price of ₹1,375.90.
The brokerage expects the company to post a strong quarter on all accounts. As per the analysts, the company’s revenue and EBITDA should see a jump. The analysts also expect the company’s cash flows to be good in Q4 results.
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The brokerage also pointed out that the company’s cargo volumes for the year at 420 million tonnes beat the revised target of 400 million tonnes. The recent acquisition of the Gopalpur port is also seen as a huge positive for the company. The analysts also added that at its current valuation, the stock is reasonably priced.
On Monday, Adani Ports reported a global cargo throughput of 420 million metric tonnes for the year ending March 2024, with over 408 million metric tonnes handled domestically, reflecting a notable 24% surge from the previous year. Furthermore, the company achieved its highest-ever monthly cargo volumes, surpassing 38 million metric tonnes in March 2024.
Price Action: Adani Ports’ share price was up 3.03% to trade at ₹1,417.55 as the markets opened on Tuesday.
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