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    Credit Suisse maintains outperform rating on Hindalco, raises target price to Rs 555

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    Credit Suisse maintains outperform rating on Hindalco, raises target price to Rs 555

    The entire metal pack is under focus and the standout among that is Hindalco as Credit Suisse has increased the target price for the stock.
    Credit Suisse has maintained an outperform rating and have sharply raised the target price value to Rs 555 versus earlier target of Rs 330. In fact, the brokerage expects the free cash flow yield of the company to be around 14 percent and 16 percent, respectively in FY23 and FY24.
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    They believe that Novelis EBITDA, going forward, would mean that the company can command higher premium versus historical averages. So for FY22 itself, they've raised the EPS by 82 percent and for FY23, has raised EPS estimate by 75 percent on the back of higher prices.
    For FY22, that is the current year they are expecting a 50 percent jump in EBITDA and that trend to continue in FY23 and FY24 as well, largely on the back of two factors. One, they expect higher profitability from Novelis and two, they expect the India aluminum business to be much stronger.
    For more, watch the accompanying video
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