Macrotech Developers Shares Gain As Morgan Stanley Initiates Coverage With 'Equal-Weight'

Shares of Macrotech Developers rose as much as 4.54%, the biggest intraday gain in four sessions, to Rs 1,269.75 apiece on Wednesday. The stock closed with 1.93% gains at Rs 1,238.05. Morgan Stanley has set a target price at Rs 1,312 apiece, an implied potential upside of 8% from Tuesday’s close.

Of the 11 analysts tracking the company, nine maintain 'buy' and two recommend 'sell', according to Bloomberg data. The overall consensus price implies a potential upside of 2.6%.

According to Morgan Stanley:

Upside Triggers

• Strong industry tailwinds.

• Sharp increase in selling prices.

• Strong new project acquisition.

• Potential for any equity raise.

Downside Risks

• Omicron-led market disruption.

• Slower-than-targeted JDA/JV project addition.

• Slower balance sheet repair.

• Sharp increase in input prices.