HSBC has maintained its Hold rating on Container Corporation of India (CONCOR) while cutting its target price to ₹740, implying a 2.5% upside from the current market price of ₹722.00. The revision follows a weak Q4 performance, with revenue declining by 2% and EBITDA dropping 11% year-on-year.
Despite the miss, management remains optimistic about improved growth prospects in both domestic and export markets. However, HSBC flagged that the earnings downgrade cycle is still ongoing, prompting it to lower its estimates.
The brokerage sees limited near-term upside and prefers to stay cautious until growth momentum clearly picks up.
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