CLSA upgraded DLF to Buy from Sell, raising the target price to Rs 229 from Rs 167.
Shares of DLF rose as much as 3.8 percent in early trade after CLSA upgraded the stock to Buy from Sell.
The brokerage also raised the target price on DLF to Rs 229 from Rs 167.
The company has delivered on project commitments, according to CLSA.
"Rental business is set to deliver double-digit compounding in long term," the brokerage said in a research note.
The cashflow turn should be sustainable, CLSA added.
At 09:24 hrs DLF was quoting at Rs 193.80, up 3.55 percent from the previous close.
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