Hold Oberoi Realty, target Rs 550: ICICI Direct
Hold Oberoi Realty Ltd. at a price target of Rs 550.
Oberoi Realty Ltd., incorporated in the year 1998, is a large-cap company with a market cap of Rs 18520.21 Crore) operating in Construction sector.
Investment rationale by ICICI Direct: We like the company given the quality of land bank, its healthy balance sheet and management bandwidth to execute large projects. However, the sales momentum for ORL has been sluggish. Also, the stock has run up ~41% in the last one year. Hence, we await a better entry point. Consequently, we continue to maintain our HOLD recommendation on the stock with a revised target price of Rs 550.