Mahanagar Gas (MGL) share price: Jefferies says maintain Buy with Rs 1700 price target
Mahanagar Gas EBITDA was up 22% yoy despite a 9% yoy decline in volumes helped by margin expansion and came broadly in-line with Jefferies but 14% ahead of consensus. As flagged recently, Jefferies continues to expect consensus earnings upgrades and note that Mahanagar Gas stock could outperform due to a 25% consensus EPS upgrade even if "valuation" does not re-rate.
Jefferies marginally tweaked our FY21-23E EPS estimates by 1-2% and maintained Buy with a Rs 1700 price target at an unchanged 16x FY23E P/E: Reuters