India's DLF gains after JP Morgan hikes PT on earnings momentum

DLF

16/08/2024 08:14

** Shares of realty developer DLF  DLF.NS  rise about 4% to
852.95 rupees 
    ** Stock leads gains in realty index  .NIFTYREAL , which is
up about 2%
    ** JP Morgan reiterates "overweight" rating on stock, hikes
PT to 1,000 rupees from 925 rupees earlier, an implied upside of
21.71% over last close
    ** Brokerage sees upside to presales, margin and cash flows
in fiscal year 2025, after co posted rise in profit in June
quarter 
    ** Adds, DLF will surpass a coveted $1 bln operating cash
flow at group level in FY2025, riding on strong sales cycle and
compounding of free cash at its rental business
    ** Says, DLF's relative valuations are attractive compared
to peers, adds company's capital discipline has been better now
compared to past
    ** DLF shares up 17.4% in 2024 so far, compared to 33.2%
rise in realty index  .NIFTYREAL , according to stock exchange
data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))