thermax (Citi) Downgrade to Sell: Will the Current Premium to BHEL Sustain?

Downgrade to Sell on muted inflow outlook; Management "cautiously optimistic"; we less so; Cutting estimates by 2%-5%; Will the current premium to BHEL sustain? Cutting TP to Rs542
Date Rating Target Price Recommendation Price Broker house
4 May 2011 sell 542 (from 698) 613 Citi Report

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