Morgan Stanley said the downgrade reflected its relative preference within its coverage universe.
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Shares of Mumbai-based Godrej Properties fell 3 percent intraday on June 21 after global investment firm Morgan Stanley downgraded the stock on valuation concerns.
"We downgrade Godrej Properties to underweight from equal-weight, but raised price target to Rs 802 from Rs 707 earlier," the brokerage said, adding current valuation appears ahead of fundamentals.
It further said the downgrade reflected its relative preference within its coverage universe.
The stock trades at a 10 percent premium to one-year forward NAV estimate and risk-reward is skewed negatively, it added.
The stock rallied nearly 70 percent in last nine-months on strong performance. However, it was quoting at Rs 963, down Rs 20.95, or 2.13 percent on the BSE at 1203 hours.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.First Published on Jun 21, 2019 12:20 pm
