Nomura maintains target price of Rs.240 for PFC

Nomura has reiterated 'Buy' rating on Power Finance Corporation (PFC) with an unchanged target price of Rs.240.

The research note mentioned that PFC is a key beneficiary of a stronger SEB. Most of the SEBs have recently hiked tariffs and have proposed financial restructuring plans (FRP).

Nomura has revised the earnings estimate for FY13F and FY14F by 16% and 6% respectively.

Nomura reiterates 'Buy' rating and the target price has been maintained at Rs.240 with a potential upside of 21.8% compared to the closing price of Rs.197 on October 17, 2012.

Source : Equity Bulls

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