RPL:
In December merill lynch came with a report on RPL stating it will be a “Underperformer” even it was trading around 73/-.
“Merrill Lynch retains ‘UNDERPERFORM’ rating on Reliance Petroleum (RPL). It has steeply cut Singapore complex refining margins forecast for FY10-FY11E.” RPL’s target price has also been cut by 58% to Rs 59 per share.
RIL:
In the same month it downgraded the price target for RIL by 15% but retained the ‘buy’ rating on RIL targeting the 1555/-.
“Merill Lynch has cut its price objective on Reliance Industries (RIL) by 15% from Rs 1,825 to Rs 1,555 based on sum of the parts valuation.”
The cut is relatively modest assuming a weaker rupee, it adds. RIL’s presence in E&P and petrochemicals also helped dilute impact of refining margin cut on RIL.
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I already gave a report of deustche bank with the same view. In the upcoming weeks/months so many such reports likely to come.
With thanks
Be and make
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