Suzlon Energy Ltd shares climbed 4 per cent in Wednesday's trade to take its winning run to the eighth straight session. In the process, the stock hit a fresh 52-week high and breached 12-month targets a few brokerages gave post its all-around June quarter results.
Suzlon Energy shares climbed 3.88 per cent to hit one-year high of Rs 70.90 on BSE. The stock is up 29 per cent in the 8-day rally. With this, the scrip is up 265 per cent in the past one year. ICICI Securities on July 24 upgraded its target price on the stock to Rs 70 from Rs 60 earlier but downgrade its rating to 'Add' from 'Buy'. That target has been breached now.
Anand Rathi Shares & Stock Brokers and Nuvama Institutional Equities suggested 'hold' ratings on Suzlon Energy with price targets of Rs 69 and Rs 64, respectively. These targets were achieved earlier this week.
Nuvama Institutional Equities said it stays long-term positive on Suzlon Energy and tweaked its FY25–27 earnings estimates. It, however, felt the uptick in order inflows and profits are factored the stock that traded at 40 times FY27E earnings per share of WTG business.
JM Financial has a 'Buy' rating with a target price of Rs 71 on the stock. The brokerage said a gradual building of momentum for higher execution, healthy order book, more-healthy bid pipeline, strengthening of balance sheet and the organization are driving the company for the next-level of growth.
Suzlon Energy with its positive net worth has started bidding for PSU (including NTPC) tenders. Since January 1, 2023, a total of 56 tenders with 55.4GW for utility scale vanilla wind (including 1,110MW NTPC Gujarat) and various wind-combinations have been issued, which have an estimated wind component of at least 20GW, giving a healthy pipeline of opportunities going forward. This excludes opportunities from C&I segment.