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The Power Finance Corporation (PFC) and REC shares experienced a decline of up to 3% on the BSE on Thursday, following a downgrade from Morgan Stanley. The firm reduced its rating from Overweight to Equal-Weight, and lowered its target prices for both stocks. For PFC, the target price was trimmed from Rs 510 to Rs 410, while for REC, it decreased from Rs 430 to Rs 360.
Morgan Stanley attributed the downgrade to a significant growth disconnect between the companies and the broader power sector. The brokerage also revised downward its earnings estimates for both companies, cutting core EPS by 5.5% for FY28E and 7% for FY29E in the case of PFC, and by 5% for FY28E and 7% for FY29E for REC.
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- Power Finance Corporation and REC shares fall up to 3% after Morgan Stanley downgrade economictimes.indiatimes.com
