India's Petronet LNG bucks drop in mid-caps; Emkay sets Street-high TP

Petronet LNG

03/10/2024 07:48

** Petronet LNG  PLNG.NS  rises 5.4% to 362.75 rupees - top
pct gainer on mid-cap 100 index  .NIFMDCP100 , which is down
1.4% amid broad sell-off in domestic markets
    ** Emkay Global upgrades to "buy" from "add", raises TP to
Street-high of 425 rupees - a 23.4% upside to last close - LSEG
    ** Says India's top gas importer's valuations remain
attractive at current levels and earnings outlook is steady,
with EPS rising 7%-9% by FY27
    ** Adds co does not plan to bring any major tariff tweaks
and is likely to sustain volume growth - both positives for
stock outlook
    ** Avg rating of 31 analysts is "hold"; median TP is 315
rupees
    ** Stock up 63% YTD vs NIFMDCP100's 29% rise

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