JP Morgan has raised its price target on Crompton GreavesBSE 0.61 % for December 2016 to Rs145 from Rs 135, while maintaining its underweight rating. The stock rose 0.6% to close at Rs 172.40 on Monday.
"Recurring earnings cuts and hopes of turnaround from management have been the only constants in CG over the last 14 quarters and we would advise caution against believing in fresh assurances/time lines," the brokerage said in a note to clients.
JP Morgan said the expectation of a cyclical recovery in the industry segment is yet to materialize.
"Execution of contracts in CG's overseas power business might suffer as the work force sees the possibility of the ownership of their factories changing hands," said the investment bank.
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