Prestige Estates share price hits all-time high, CLSA retains 'buy' with 16% upside - Hindustan Times
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Prestige Estates share price hits all-time high, CLSA retains 'buy' with 16% upside

Jun 14, 2024 11:14 AM IST

Prestige Estates share price: Global brokerage CLSA reiterated a 'Buy' rating on the stock and raised target price to ₹2,320.

Shares of Prestige Estates touched all-time high today (June 14) as they rose more than 6 per cent. This comes after global brokerage CLSA reiterated a 'Buy' rating on the stock and raised target price to 2,320- a likely upside of over 16 per cent from current levels.

Prestige Estates share price: The CLSA said that Prestige Estates' valuations remain discounted compared to peers
Prestige Estates share price: The CLSA said that Prestige Estates' valuations remain discounted compared to peers

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The CLSA said that Prestige Estates' valuations remain discounted compared to peers and the brokerage expects a continued re-rating as debt concerns appeared overblown. It noted, “Operational cash flow will significantly support its capex and project pipeline growth.”

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Moreover, Elara Securities gave 'Buy' rating to Prestige Estates with a target price of 2,300 per share saying, ""Prestige Estates Projects is guiding a presales growth of 25 percent YoY in FY25, led by planned launches of 60,000 crore. This is supported by its dominant position in the home market of Bengaluru, consistently commanding ~10 percent volume market share. We view the company's proven ability to access land via joint development agreements (JDAs) and industry-leading execution pace as key catalysts for accelerating new business development in the residential business."

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The company reported 70 per cent on-year decline in consolidated net profit at 140 crore in the March-ended quarter while total income fell by 31 per cent YoY to 2,232 crore.

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