homevideos Newsmarket Newsstocks NewsMRF, Ceat, Apollo Tyres: It may not be the right time to bottom fish in these stocks
MRF, Ceat, Apollo Tyres: It may not be the right time to bottom fish in these stocks
Kotak Institutional Equities has downgraded Apollo Tyres to a ‘reduce’ rating cutting the target price to Rs 175 from Rs 225. It has also downgraded Ceat to a ‘sell’ rating cutting the target price to Rs 850 from Rs 1,000 and has maintained a ‘sell’ rating on MRF with a target price of Rs 55,000 versus its earlier target price of Rs 61,500.
Kotak Institutional Equities is cautious on tyre stocks and believes it is not the time to bottom fish yet in these stocks.
The brokerage has downgraded Apollo Tyres to a ‘reduce’ cutting the target price to Rs 175 from Rs 225. It has also downgraded Ceat to a ‘sell’ cutting the target price to Rs 850 from Rs 1,000 and has maintained a ‘sell’ on MRF with a target price of Rs 55,000 versus its earlier target price of Rs 61,500.
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Kotak Institutional Equities believes that there is an under-recovery of 6-7 percent for most of these tyre companies because of a lack of price hikes.
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