Citi has upgraded the Bharat Forge share to "buy" from "sell" and raised its target to Rs 1,526 from Rs 898.
The company has cited clarity in the aerospace and defence segments, reduced fear of an oil and gas slowdown, orders from Europe and recovery in commercial vehicles as the main reasons for the upgrade.
It says the parent group's 51:49 joint venture with Israel's Rafael Advanced Defence Systems to manufacture defence systems in India could benefit the company.
It adds the company's new plant to supply critical engine components to the Railways could also boost earnings. The railway budget will be announced on Thursday.
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Published on February 25, 2015
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