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Prestige Estates gets downgrade call from Morgan Stanley, shares in focus today

Prestige Estates gets downgrade call from Morgan Stanley, shares in focus today

Prestige Estates shares ended 1.35% lower at Rs 1705.70 on Tuesday against the previous close of Rs 1729.05 on BSE.

 Prestige Estates shares have a one-year beta of 1.4, indicating very high volatility during the period. Prestige Estates shares have a one-year beta of 1.4, indicating very high volatility during the period.

Shares of Prestige Estates are in news today after global brokerage Morgan Stanley lowered the rating to Underweight from Overweight and also trimmed its price target. Prestige Estates shares ended 1.35% lower at Rs 1705.70 on Tuesday against the previous close of Rs 1729.05 on BSE. Total 0.11 lakh shares of the firm changed hands amounting to a turnover of Rs 1.90 crore. Market cap of Prestige Estates fell to Rs 73,469 crore on BSE. 

Prestige Estates shares have a one-year beta of 1.4, indicating very high volatility during the period. In terms of technicals, the relative strength index (RSI) of Prestige Estates stands at 54.4, signaling it's trading neither in the overbought nor in the overtrading zone. 

Morgan Stanley cut its target price to Rs 1510 from the earlier Rs 1770. The brokerage also reduced FY25 pre-sales growth estimate to +9% YoY vs earlier +28%.

The presales growth estimate was revised as it achieved only 29% of its FY25 target in H1FY25. 

Prestige Estates is one of the leading real estate developers in the country.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Nov 27, 2024, 9:00 AM IST
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