JP Morgan initiates coverage on 5 cement stocks, sees upside of up to 31%
JP Morgan has initiated coverage on Ultratech Cement and 3 other cement stocks with an upside potential of up to 31% on the belief that the sector is set for consolidation with the larger players likely to become more aggressive.
“India cement sector looks set for consolidation with the larger players turning aggressive,” said JP Morgan in its note.
Below is the list of cement stocks on which the global brokerage firm has initiated coverage:
Ultratech Cement:
JP Morgan has initiated coverage on Ultratech Cement with an ‘overweight’ rating and a target price of Rs 13,750.
This indicates an upside potential of 24% over the closing price of Rs 11,060.90 on Friday.
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