CLSA on Cement
Ultratech – O-P, TP Rs 7200
Dalmia Bharat – O-P, TP Rs 1730
Shree Cement – U-P , TP Rs 21300
Ramco cement – Sell, TP Rs 675
Ambuja’s cost & capacity leadership target priced in
CLSA on Cement
Upgrade ACC to O-P, TP Raised to Rs 2700
Downgrade Ambuja to Sell, TP raised to Rs 470
Believe increased industry consolidation will not be enough to offset a wave of capacity expansion, which is likely to lead to softer margins & expensive inorganic expansion
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