L&T scrip touches two-and-a-half year high; analysts raise target price

Mar 07 2014, 17:05 IST
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SummaryShares of Larsen & Tourbo gained 6.99% intra-day on Friday to touch highest level in more than two-and-a-half years.

Shares of Larsen & Tourbo gained 6.99% intra-day on Friday to touch highest level in more than two-and-a-half years at Rs 1,221.8. The scrip was trading 4.99% higher at Rs 1199 on BSE at 2.30pm IST.

Analysts have raised their target price on the scrip recently. Macquaire in a note on Thursday said that L&T is the best placed infra company to benefit from the coming "cyclical turn". The brokerage raised the target price to Rs 1,312.

Citigroup has raised its target price for L&T to Rs 1,305. "We expect L&T will emerge stronger from recent Indian economic deceleration and outperform peers when economy accelerates," Citigroup said in a note on Thursday.

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