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Money Sep 12, 2012

BoA-ML raises target price of Apollo Tyres; stock surges 5%

Shares of Apollo Tyres jumped 4.9 percent to Rs 98.20 after Bank of America-Merrill Lynch raised its target price to Rs 135 from Rs 115 , and maintained "buy" rating on the stock, in a report.

BoA-ML said that it expects Apollo's EBITDA margins to sustain improvement through fiscal 2014 driven by better sales mix and improved utilisation in the city of Chennai.


The investment bank also expected "pricing discipline" at Apollo, and added that "strong" cash generation and "sharp moderation" in capex will lower debt levels.


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