CLSA upgrades BHEL stock to 'buy'

CLSA has upgraded Bharat Heavy Electricals (BHEL) to 'buy' from 'outperform' but kept the price target unchanged at 2,800 rupees.

BHEL is trading close to a 5-year low valuations, CLSA said in a note, adding the company is trading at a discount to Shanghai Electric and Harbin Power. CLSA argues that concerns of competition from Chinese and domestic firms are overdone and expects BHEL to post growth in order flows in FY12. CLSA expects 19 percent revenue and 24 percent earnings per share growth over FY10-14. At 2:39 p.m., the stock was up 2.19 percent at 2,327.90 rupees.

ref:
http://www.financialexpress.com/news/clsa-upgrades-bhel-stock-to-buy/724079/