Adani Ports shares jump 7% to hit fresh record high on Citi’s target price upgrade

Global brokerage firm Citi raised target price on the counter to Rs 1,213 apiece from Rs 972, implying an upside of over 12 percent

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Shares of Adani Ports and Special Economic Zone (APSEZ) jumped 7 percent to hit record high of Rs 1,082 per share on the BSE on December 6 after global brokerage firm Citi raised target price on the counter to Rs 1,213 apiece from Rs 972, implying an upside of over 12 percent.

In the past one week, the stock of Adani Ports & SEZ has soared over 23 percent as against 4 percent rise in the benchmark Sensex.

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Highlighting the rationale behind Adani Ports’ target upgrade, analysts at Citi said that the company continues to execute well and grow its dominance in India’s port and logistics space.

“Despite the rally seen post state election results, we believe that there is still an ample scope for valuations to re-rate. The valuations in 2023 were supressed due to negative news flow around the Adani Group,” the brokerage firm added, sharing a ‘buy’ rating.

ALSO READ: US examined Hindenburg allegations before giving loan to Adani

Furthermore, analysts believe that Adani Ports’ new projects are close to commissioning and logistics business is also strong.

In an earlier note, domestic brokerage firm Kotak Institutional Equities also recommended a ‘buy’ call on Adani Ports, with a target price of Rs 1,060 per share.

“Adani Ports market share gains have been significant as it grew 2 times and 3 times of the 7 percent market growth on an organic and overall basis, respectively. This was driven by realization and sharing of operational efficiencies, the offering of an integrated service and cargo diversification,” the brokerage firm added.

Analysts increased its volume and EBITDA estimates by 4 percent and 6 percent, respectively, adding that the company will outperform in a market gaining momentum.

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