Larsen & Toubro up 4% after sinking 11% in 7 wks; Jefferies maintains 'Buy'

Brokerage firm Jefferies maintains 'buy' rating on the stock with a SOTP price target of Rs 1,280 per share

Shares of Larsen & Toubro (L&T) rallied 4 per cent to Rs 914.70 on the BSE in the intra-day trade on Friday after global brokerage Jefferies maintained 'buy' rating on the stock with a SOTP price target of Rs 1,280 per share.

In the past seven weeks, L&T had underperformed the market by falling 11.5 per cent, as compared to 6 per cent rise in the S&P BSE Sensex.

Analysts at Jefferies said an early recovery in macro investment cycle should see a sharp pick-up in the company's order flow and valuations. The Middle East (ME) margin contraction factored-in does not come