Morgan Stanley upgrades RIL on attractive valuation
Morgan Stanley has upgraded Reliance Industries as an 'equal-weight' stock in spite of trading at multi-year lows. The bank states that valuations are attractive.
Morgan Stanley has upgraded Reliance Industries to "equal-weight" from "underweight", maintaining its target price at Rs 703, citing attractive valuations.
Despite Morgan Stanley's "unconstructive" view on Reliance's core business, the bank said Reliance is trading at multi-year lows, making its valuations "compelling."
The energy conglomerate's ongoing buyback programme is also gaining momentum, Morgan Stanley said, seeing little downside for the stock.
Reliance Industries hit its lowest intraday level since March 2009 on May 16. Shares of Reliance Industries are currently trading at at Rs 707, up 0.77 percent.
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