Kotak hikes PT for India's Prestige Estates on strong growth plans

Prestige Estates Projects

15/02/2024 07:30

** Kotak Institutional Equities raises price target for
Indian developer Prestige Estates Projects  PREG.NS  on upbeat
growth prospects
    ** Brokerage dials up PT to 1,160 rupees/shr from 910/shr,
citing strong residential and hotel inventories; maintains "add"
rating
    ** Unsold residential inventory worth 583 bln rupees, most
of which will be launched over the next two years, likely to
support growth in co's residential segment - Kotak
    ** Says drop in Q3 revenue partly due to lower deliveries  
    ** PREG shares last up 1.5% at 1,117.30 rupees 
    ** Kotak's new PT about 7% lower than median PT of 16
analysts, average rating on stock is "buy" - LSEG data
    ** PREG down 5% so far this year after 154% surge in 2023

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))