Prabhudas Lilladher raised March 2022 Nifty target to 16,075 post stellar earnings in the December quarter.
Brokerage House Prabhudas Lilladher (PL) raised March 2022 Nifty target to 16,075 post stellar earnings in the December quarter followed by EPS upgrade for the benchmark index. The earlier target for the period was 15,137.
Q3 had broad-based earnings beat as aggregate sales, EBITDA, and profit were higher than estimates, the brokerage said. Festival season demand has been robust, and the next quarter should report good numbers on a low base, added PL. However, it noted that margins have also peaked out due to rising commodity prices and bottomed outspends on advertising, marketing, and overheads.
PL further arrived at a bull case target of 19,137 (18,921 earlier). Economic revival sustained global liquidity, low-interest environment, and control of Covid-19 pandemic is key to bull case scenario, it added.