India's Prestige Estates gains 5%, CLSA raises price target

Lodha Developers

05/10/2023 08:09

** Shares of realty firm Prestige Estates Projects Ltd
 PREG.NS  rise as much as 5.4% to 660 rupees
    ** CLSA maintains "buy" rating, raises price target to 750
rupees from 687 rupees 
    ** PREG among top three developers in pre-sales for last 6
years; its shares trading at discount to rivals DLF  DLF.NS ,
Godrej Properties  GODR.NS , Macrotech  MACE.NS  "unwarranted" -
CLSA
    ** Brokerage sees co raising full-year pre-sales guidance of
160 bln rupees ($1.92 billion); pegs Q2 pre-sales at 55 bln
rupees-60 bln rupees vs usual 40 bln rupees
    ** "Strong buy" avg rating of 16 analysts covering stock;
median PT 677 rupees - LSEG data
    ** Stock up ~42% YTD, outperforming Nifty Realty index's
 .NIFTYREAL  ~33% YTD rise


($1 = 83.2110 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))