Jefferies has issued a ‘Buy’ call on Larsen & Toubro (L&T) with a target price of ₹4,165 per share, representing a potential 13% upside from the current market price of ₹3,686. The firm remains confident in L&T’s ability to meet its FY25 order flow and revenue growth outlook, driven by a strong pipeline and order book.
Jefferies also noted that L&T’s revenue guidance accounts for execution delays due to government activities, which may take 3-6 months to pick up post elections. Furthermore, the recent budget reinforces confidence in the medium-term outlook for double-digit capex growth, supporting L&T’s long-term prospects.
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L&T