Ventura Securities is bullish on D-Link India and has recommended buy rating on the stock with a target price of Rs 63 in its research report dated June 04, 2014.
"D-Link India, post formation of the new government in India, the management has expressed confidence that the networking industry will continue to grow at a robust pace on the back of higher enterprise spending, a further roll out of 3G/4G networks and increasing broadband penetration. With strong parental support from D-Link Taiwan, in terms of a pipeline of the latest and innovative products, we believe D-Link India is ideally placed to take advantage of the impending boom in networking and internet products. We initiate coverage on D-Link India with a BUY recommendation and a target price of Rs 63 at a P/E multiple of 10.0x to its FY16 EPS estimate, implying a potential upside of 61%. We expect revenue and profits to post a CAGR of 25% and 28%, respectively, through FY14-16. At the CMP, the stock is trading at 7.6x and 6.1x times its estimated earnings for FY15 and FY16. Historically, the stock has traded at an average P/E of 9.8x," says Ventura Securities research.
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