India's Prestige Estate rises as Morgan Stanley raises PT on strong outlook

Prestige Estates Projects

31/05/2024 09:41

** Shares of Prestige Estate Projects  PREG.NS  up around 4%
to 1600 rupees  
    ** PREG is the second biggest gainer on Nifty Realty Index
 .NIFTYREAL , which is up around 2%
    ** Morgan Stanley raises PT by 26% to 1770 rupees, implying
upside potential of 15%
    ** PT raise on strong FY25 pre-sales outlook driven by
launch pipeline and ready inventory       
    ** FY25 residential launch pipeline of 5.67 bln rupees, plus
1.20 bln rupees of unsold inventory should help PREG post record
sales booking of 2.70 bln rupees in the current fisca l-  Morgan
Stanley
    ** Avg rating of 16 analyst covering PREG is "Buy," their
median PT is 1,365 rupees - LSEG data
    ** PREG up 36% YTD vs a 30% rise in Nifty Realty Index
 .NIFTYREAL 
 

 (Reporitng by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))