 "Citi downgrades RIL on 'subdued' near-term outlook")
Citigroup downgraded Reliance Industries to “neutral” from “buy”, but raised its target price to Rs 847 from Rs 818.
The investment bank said, Reliance’s valuations “are not compelling enough”, while the near-term earnings outlook looked “subdued.”
Citigroup also added that any strong earnings momentum would be contingent on improvements in Reliance’s refining operations or a yet-to-be-seen pick-up in petrochemical demand.
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Citigroup said that it could get more positive on the stock at Rs 750, and preferred Cairn India.
Reuters
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