Jefferies has maintained a ‘buy’ rating on DLF, with a target price of ₹1,000 per share, indicating a 50.4% upside from the current market price (CMP) of ₹665.00.
The brokerage noted that concerns over the Gurgaon market may be overblown, citing strong cash flows and a robust response to DLF’s ‘Dahlias’ project launch. Additionally, lease income is expected to rise by 20% as multiple properties near completion.
Jefferies highlighted that DLF is currently trading at a >30% discount to its NAV, making it an attractive opportunity. The firm also emphasized that the market does not fully factor in DLF’s extensive land bank potential beyond its near-term project pipeline.
A Mumbai project launch could serve as a near-term catalyst for the stock, potentially driving further gains.
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