Global brokerage house, Citi upgraded Tata Power, one of the largest power companies in private sector, to buy from neutral with a price target at Rs 76 per share, implying 18 percent potential upside from the current level.
In a bull case scenario, the target is Rs 100 that implies a whopping 55.4 percent potential upside from the current level, the brokerage said, adding the stock is now trading at a fair valuation.
According to Citi, Mundra UMPP resolution is likely in the next 3-6 months and non-core asset divestment-led deleveraging could lift numbers.
Overall, the stock has been an underperformer in last one year, falling 14 percent against BSE Power index that fell 3.4 percent and BSE Sensex that rallied 9.4 percent.
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