India's Lemon Tree Hotels surges 11%; Motilal Oswal bullish on expansion plans

Lemon Tree Hotels

02/01/2024 06:24

** Shares of Lemon Tree Hotels  LEMO.NS  up 11% at 131.6 rupees
    ** Brokerage Motilal Oswal says co is likely to benefit from
changes in its main markets, NCR and Mumbai, due to the recent
opening of new convention centers, expecting higher occupancy
and room rates
    ** LEMO in the coming years plans to expand its room network
to over 20,000 rooms by 2028, as outlined in its five-year
roadmap - Motilal Oswal 
    ** Rates co "buy", with a price target of 150 rupees
    ** Stock touches highest level since listing in 2018; sees
busiest day since Sept. 15, 2023
    ** Mean recommendation of 16 analysts is "buy", median PT is
130 rupees - LSEG data
    ** Stock had risen 39.9% in 2023 
    
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))