Havells share price declines after CLSA cuts price target

Havells India

The share price of electrical equipment-maker Havells India fell over a percent intraday on December 19 after CLSA slashed its price target for the stock by 5 percent, citing likely weak performance in Q3FY20.

The stock has slipped 16 percent in the last six months. It was quoting at Rs 650.30, down Rs 1.95, or 0.30 percent, on the BSE at 1226 hours.

While maintaining the outperform call on the stock, CLSA cut the price target to Rs 730 from Rs 770.

“Strategic changes and competitive intensity impacted Lloyd’s profitability. The slowdown in the realty sector impacted growth rates in core categories in the first half of FY20,” said the brokerage house.

However, CLSA remained positive on the long-term prospects and expects benefits on structural changes in Lloyd to start paying from FY21.

Core categories will benefit from a huge distribution network in the long term, the brokerage feels.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

News Source:- moneycontrol

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