Asian Paints Trading Well Above Consensus Target
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The gap between Asian Paints' stock price and analysts' target price is at its widest ever.
Asian Paints, currently priced at about Rs 1,135 per share, is trading at an 11 percent premium to the Bloomberg consensus price target of 1,016 per share. The Bloomberg consensus price is an average of price targets provided by 33 analysts tracked by Bloomberg.
The shares of Asian Paints have gained 29 percent in one year and are now trading near a recently made lifetime high. The gap between the market price and the consensus target widened substantially in the last three months even as the number of consensus ‘buy' ratings on the stock have reduced to 35 percent from 50 percent in June.
The gains in Asian Paints' stock price follow consistent earnings on account of double digit volume growth and margin expansion aided by a fall in prices of crude oil linked raw materials. A good monsoon leading to expectations of a pick up in discretionary demand has improved investor sentiment towards the stock.
The question now is what comes first?A correction in the Asian Paints stock price or an upward revision of analysts' price targets.
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