JP Morgan raises target price on Larsen & Toubro. Read on

L&T share price: Global brokerage firm, JP Morgan is bullish on engineering and construction major Larsen & Toubro (NSE: LT). The brokerage has raised its target on L&T by 6 per cent to Rs 2,480 per share from 2,330 per share.  

Larsen & Toubro is also one of the long-term picks of Zee Business Managing Editor, Anil Singhvi.

According to Singhvi, the company’s 60 per cent revenue comes from its capital goods and infrastructure business, which is outperforming.

Singhvi believes that the company's order book will grow in the next few years as the government is focusing on developing the country’s infrastructure, which will be a key positive for L&T.

Singhvi has given a target to the tune of Rs 2500, Rs 2,800 and Rs 3,300 for L&T shares with a perspective of three years.

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Brokerage firm Sharekhan has also recommended buying shares of L&T for a target price of Rs 2,600 apiece.

According to Sharekhan, L&T, the engineering conglomerate, by virtue of its leadership and commendable execution track record in the engineering, procurement, and construction (EPC) domain will benefit from capital expenditure upcycle in both public and private sectors.

L&T share price history

Shares of Larsen & Toubro traded in the red on Wednesday (April 12). On NSE, the stock opened at 2,304 and was trading at Rs 2,288.65 which was down by 0.56 per cent or Rs 12.85 when this report was filed.

Year-to-date (YTD), L&T shares have climbed by nearly 10 per cent outperforming the headline index Nity50 which declined by 2.42 per cent.

In the past six months, L&T stock has surged nearly 20 per cent against a 3.69 per cent rise in the benchmark Nifty50.

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