Multibagger realty scrip- Prestige Estates Projects in Wednesday's trade slipped by as much as 5 per cent to the day's low price of Rs 1,618.85. The sharp drag in the stock came after global brokerage Morgan Stanley reduced its rating on the stock to 'underweight' from the earlier 'overweight' call.

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Also, the brokerage reduced the target from Rs 1,770 to Rs 1,510, a downside of over 7 per cent from today's close of Rs 1,627.

In the last one month, the stock has remained steady with a negative bias, while its index Nifty Realty zoomed nearly 6 per cent in the same time. In fact in a one-month period, Prestige Estates emerged as the top laggard with a negative return of -0.05 per cent.

The brokerage has reduced the rating on the counter underpinned by lower conviction as well as slowe pre-sales growth.

Despite the festive season run in the second half, the global brokerage Morgan Stanley has slashed its pre-sales growth estimate for FY25 to just 9 per cent as against 28 per cent earlier. The same has been done as the company realised only 29 per cent of its FY25 target in H1FY25.

Furthermore, the brokerage's relative underweight rating is a function of high capex on IP business and weaker presales momentum versus. peers.

Prestige Estates share price performance

In the last one year the stock has zoomed 76 per cent, while its 3-year return is at 270 per cent.