The global research firm has maintained its buy call on the stock and raised target to Rs 1,672 from Rs 1,611. This implicates an upside of 4 percent.
Moneycontrol News
@moneycontrolcom
Shares of Avenue Supermarts, the operator of D-Mart, gained around 5 percent intraday after Goldman Sachs raised the target price on the stock.
The global research firm has maintained its buy call on the stock and raised target to Rs 1,672 from Rs 1,611. This implicates an upside of 4 percent.
Goldman expects the company to open 24/28/30 stores in FY19/20/21 against 18 earlier.
It observed that there was steady progress on Premia and DMart Ready.
Having said that, it has lowered same store sales growth (SSG) to 11.6 percent from 12.3 percent for FY19-21. It believes that higher number of stores will lead to some cannibalization.
Lastly, Goldman increased FY19-21 EPS estimates by -1 to +4%.
At 14:11 hrs Avenue Supermarts was quoting at Rs 1,295.40, up Rs 56.45, or 4.56 percent, on the BSE. It touched a 52-week high of Rs 1,305.90.
