Adani Ports jumps 8% as Goldman Sachs sees 41% upside in stock

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February 8, 2023
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Goldman Sachs said ‘buy’ the stock with a target price of Rs 840 implying an upside potential of 41 percent from today’s high of Rs 597.

Adani Ports | CMP: Rs 555.95 | The stock ended in the green on February 7. Adani Ports reported a 16.04 percent fall in consolidated net profit for the quarter ended December 2022 at Rs 1315.54 crore, as against Rs 1567.01 crore a year back. The revenue from operations for the quarter came in at Rs 4786.17 crore, up 17.53 percent from Rs 4071.98 crore in the corresponding quarter a year ago, the company said in a regulatory filing. As per the average of brokerage firm estimates taken by Moneycontrol, revenue was seen rising 25 percent on-year to Rs 4,753 crore, while net profit was estimated to increase 11.8 percent to Rs 1,647.1 crore.

The share price of Adani Ports and Special Economic Zone jumped as much as 8 percent on February 8 after Goldman Sachs kept the ‘buy’ rating on the stock with a target price of Rs 840, implying an upside potential of 41 percent from today’s high of Rs 597.

At 10:27 am, shares of the port company were trading at Rs 584, up 5.6 percent on the BSE.

The foreign brokerage firm said that the results were in line with its estimates and pointed out that it liked the company’s focus on deleveraging in the near term.

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