Jefferies initiates India's Welspun Corp with 'Buy', Street-high PT; shares jump
BUZZ-Jefferies initiates India's Welspun Corp with 'Buy', Street-high PT; shares jump ** Shares of Welspun Corp WGSR.NS up 3% to 2,600 rupees
** Jefferies initiates the steel pipe maker with "Buy" and PT of 3,250 rupees, a Street high
** Brokerage says co is well-positioned to benefit from a multi-year upcycle in oil & gas infrastructure spending in U.S. and Middle East, supported by local manufacturing in both regions
** Notes that Saudi Arabia is an attractive market for co, which is well placed as it has a 22% stake in Saudi-based pipe maker EPIC
** Flags slow execution has weighed on near-term demand, while accelerating competition has resulted in lower margins in India
** Expects WGSR to deliver CAGR of 17% in volume and 32%-33% in EBITDA over FY26-29E
** Stock rated as "Strong Buy" on average by 7 analysts; median PT at 2,437 rupees --LSEG compiled data
** YTD, stock up 219.2%
(Reporting by Mridula Kumar in Bengaluru)
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