Citi has downgraded BHEL from from ‘buy’ to ‘hold’, citing limited upsides from the current levels. However, it has raised the price target from Rs 1,642 to Rs 2,025 on account of higher earnings estimates over 2010-2012. In a note to clients, the brokerage house has commented that BHEL remains the best bet on power generation capacity addition in India and that it expects EPS to grow at a CAGR of 27% over the next three years.
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