Macquarie has raised its target price for Cairn India stock to Rs 389 from Rs 260 and maintained its outperform rating citing in-house upgrade of crude oil price assumptions and rupee depreciation.
We are increasing our FY13E and FY14E PAT by 18 percent and 28 percent,respectively…,said Macquarie in a note.
On Thursday,CLSA upgraded Cairn India to buy from outperform and raised target price to 410 rupees from 335 rupees citing rupee depreciation and the stock pricing in just $75/bbl price of brent crude oil in its valuations.
At 9:41 a.m,shares of Cairn India were up 1.11 percent at Rs 343.50.
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