GAIL - discount to peers undue; upgrade to Buy - BRICS Research

CMP: Rs.376
Target Price: Rs.449

- Lowering FY12 volume estimates by 2% to 118mmscmd due to lower supply from RIL and delay in commissioning the Dabhol LNG terminal.

- Cutting FY12 earnings estimates by 1%.

- SOTP-based target price down 0.6% to Rs.449 from Rs.452, but we upgrade to BUY on attractive valuation.

Source : Equity Bulls

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