Buy Blue Star; target of Rs 589: Angel Broking - Moneycontrol.com -

Angel Broking is bullish on Blue Star and has recommended buy rating on the stock with a target of Rs 589 in its September 17, 2010 research report.

“Blue Star Limited has won orders worth Rs 130 crore for air-conditioning and plumbing at the Chhatrapati Shivaji International Airport (CSIA), Mumbai. This is a positive development for the company, which is poised for strong growth over the next few years. At the end of 1QFY2011, the order book for the company’s EMPPACS segment stood at nearly 1.1x FY2010 sales. We expect strong sales growth, at a 22.3% CAGR, over FY2010–12E, on the back of improved demand from the retail and commercial segments. Blue Star is currently trading at 16.2x FY2012E earnings. We recommend Buy on the stock with a target price of Rs 589,” says Angel Broking research report.

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From: http://www.moneycontrol.com/news/recommendations/buy-blue-star-targetrs-589-angel-broking_486143.html