Sell Action Construction Equipment, target of Rs 25: PINC

PINC Research has maintained its sell rating on Action Construction Equipment with a target price of Rs 25 in its May 29, 2009 research report.

“Action Construction’s (ACE) results were in line with estimates on revenues front as net sales declined by 37% to Rs 775 million while exceeding our estimate on the profitability front as net profits plunged by 90% to Rs 10 million. We maintain our ‘SELL’ recommendation with an upgraded price target of Rs 25 based on 10x FY10 earnings,” says PINC’s research report.

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Tagged as: Action Construction, PINC Research