Buy Bharat Electronics: target of Rs 190: Sharekhan

Sharekhan is bullish on Bharat Electronics has recommended buy rating on the stock with a target price of Rs 190 in its research report dated March 02, 2021.

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Sharekhan’s research report on Bharat Electronics

BEL is well positioned to benefit from rising defence expenditure supported by a strong manufacturing base, execution track record and continued focus on developing in-house R&D capabilities. Strong YTD order inflow, healthy order pipeline and order book offer sustainable revenue visibility. With Aatma Nirbhar Bharat and domestic procurement, the entire PSU pack is getting rerated which augurs well for BEL which is trading at the steep discount to the peak 5-year average multiple.

Outlook

We retain a Buy rating on Bharat Electronics Limited (BEL) with a revised PT of Rs. 190 modestly increasing our target PE to factor overall rerating in the PSU space and considering BEL execution capabilities.

For all recommendations report, click here

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