CG Consumer stock slips 5% on downgrade by Nomura, target price cut to Rs 266

The cut in target price by the research house is after it reduced FY19-21 EPS estimate by 6 percent to account for a weaker outlook.

Global brokerage firm Nomura downgraded Crompton Greaves Consumer Electrical stock to Neutral from Buy and also slashed its target price to Rs 266 from Rs 267 earlier.

The stock price fell 5 percent intraday Wednesday on top of 6 percent correction seen in the previous session.

The cut in target price by the research house is after it reduced FY19-21 EPS estimate by 6 percent to account for a weaker outlook.

Nomura prefers Havells India over CG Consumer.

The stock price fell 14 percent in last one month but gained nearly 3 percent in last 12 months.

At 12:14 hours IST, the stock price was quoting at Rs 223.25, down Rs 10.55, or 4.51 percent on the BSE.Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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