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    CLSA downgrades Oberoi Realty to 'underperform', raises target price on higher pre-sales estimates

    CLSA downgrades Oberoi Realty to 'underperform', raises target price on higher pre-sales estimates

    CLSA downgrades Oberoi Realty to 'underperform', raises target price on higher pre-sales estimates
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    By CNBCTV18.com  IST (Published)

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    Brokerage CLSA downgraded Oberoi Realty to 'underperform' from 'outperform' with a target price of Rs 980.

    CLSA downgraded Mumbai-based property developer Oberoi Realty to 'underperform' from 'outperform', but raised its target price on higher pre-sales estimates. The brokerage now has a target price of Rs 980 on Oberoi Realty, as against the earlier Rs 965.
    The company's strong start to the second half of the financial year is largely priced in, according to CLSA.
    Oberoi's Goregaon launch garnered a strong response, it said.
    The company launched a new tower in its Elysian project in Goregaon, Mumbai, on October 28. Pre-sales of the project were at Rs 790 crore last weekend, exceeding the expectations of CLSA, which had estimated the pre-sales at Rs 600 crore for this phase of Elysian in FY22.
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    CLSA increased its pre-sale estimates by about five percent for the financial year 2022-23, and marginally for the financial year 2023-24.
    The brokerage now sees limited upside potential in Oberoi Realty shares, hence the downgrade to 'underperform'.
    The Oberoi Realty stock moved higher on Tuesday after a weak start. At 11:50 am, the stock was up 2.4 percent at Rs 988.2 on BSE, whose headline Sensex index was flat amid choppy trade.
    Most other stocks in the real estate pack traded higher. Godrej Properties bucked the trend, down two percent.
    Oberoi Realty shares have rewarded investors with significant returns in the recent past.
    Here's how the stock has performed in the past year:
    The stock is up 65.5 percent so far in 2021, and 34.2 percent in the last three months alone.
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