Prestige Estates Projects shares drop over 5% after Morgan Stanley cuts target price and rating
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Shares of Prestige Estates Projects dropped over 5% to Rs 1,618.8 in Wednesday's trade on BSE after the global brokerage firm Morgan Stanley downgraded the stock to 'Underweight'. Citing slower pre-sales growth and lower conviction, Morgan Stanley downgraded Prestige Estates to 'Underweight' from 'Overweight' and cut its target price to Rs 1,510 from Rs 1,770. The new target price reflects an 11.4% downside from the previous day's closing price of Rs 1,705.7. The brokerage reduced its FY25 pre-sales growth estimate to +9% YoY, down from the earlier forecast of +28%, as the company achieved only 29% of its FY25 target in H1FY25. The Relative Underweight rating is attributed to high capital expenditure on the company's IP business and weaker presales momentum compared to its peers. Also Read: NTPC Green shares list at 3% premium over IPO price At 10:19 am, the scrip was trading 3.5% lower at Rs 1,646 on B...