India's Redington down after Investec downgrades stock

Redington

17/05/2024 06:33

** Shares of Redington  REDI.NS  down 2.5% to 208.05 rupees
    ** Investec downgrades REDI stock to "hold" from "buy" and
hikes PT to 225 rupees from 216 rupees
    ** Brokerage says weak macro in co's target markets could
limit growth; says downgrade is more a function of the macro
than REDI itself
    ** Says IT products distributor's factoring costs could
continue to remain elevated in the near term
    ** Avg rating on REDI stock is "buy" and median PT is 225
rupees - LSEG data
    ** Co's Q4 profit had climbed marginally but rev missed
estimates, leading to its stock dropping the next day
    ** Stock down 3.4% since reporting results on Wednesday

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))