Nomura upgrades DLF stock to ‘buy’

Nomura has upgraded DLF to 'buy' from 'neutral' and increased price target to Rs 270.

Nomura has upgraded DLF stock to “buy” from “neutral” and increased price target to Rs 270 from Rs 253,citing cheaper valuations and expected improvement in balance sheet.

DLF has corrected 28 per cent in the past one year as against a 4 per cent gain in the benchmark index ,the Japanese bank said in a note.

“We expect the company to deliver on cash flows in FY12 and start deleveraging the balance sheet by focusing on selling plotted land and through the sale of non-core assets such as Aman Resorts,” Nomura said.

At 11.27 a.m.,the stock was up 0.67 per cent at Rs 210.35.

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