Nuvama sees 23% upside potential in Prestige Estates, gives target price of Rs 2,175

Supported by strong housing demand and a robust launch pipeline, Prestige Estates’ shares may rise 23%. Nuvama raised the target price to Rs 2,175 from Rs 2,136 while retaining a ‘buy’ rating. Strong housing demand and a robust launch pipeline across geographies in H2FY25 are likely to boost PEPL’s sales trajectory going ahead. Improvement in office demand and PEPL’s strengthened balance sheet post-QIP underpin our bullish stance on the company.