Jefferies Boosts Macrotech: ‘Buy’ Rating Spurs 6% Surge
Macrotech Developers (Lodha) shares rise 6% January 12 after Jefferies assigned a “buy” rating to the stock. The stock price has increased target price to Rs 1,290 from Rs 884.
Jefferies cites a positive outlook for residential project sales. The price of lands has been doubled in last three years.
The analyst said that the opening of the Mumbai Trans Harbour Link would boost connectivity in the city Mumbai, benefiting Macrotech with its substantial land bank and boosting residential sales.
Macrotech Developers shares trade at Rs 1,180.60, up 4.6% on the NSE. The Macrotech stock has surged 131% in the past year, outperforming the Nifty.
Macrotech reports a 12% YoY increase in pre-sales in the December quarter. It reaches Rs 3,410 crore, its best Q3 performance. The Collections is around Rs 2,590 crore, with new projects contributing to a GDV of Rs 6,000 crore.
B&K Securities has reported Macrotech’s strong position, growth visibility, geographic diversification, and market share potential, suggesting a premium of 110% to its residential NAV. This initates toward a buy rating.
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