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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Summary
We increase our target price on the stock to Rs802 per share in view of the management revising its store additions in FY12E to 85 from the earlier 80. The new store guidance should result in a higher than estimated EPS.
However, given the recent run up in the stock over the last one month, the valuations appear rich at a P/E multiple of 64.6x and 47.0x our revised FY12E and FY13E EPS respectively. Consequently we revise our rating to SELL from an initial Reduce with a target price of Rs802 per share.
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