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This is an archive article published on December 8, 2011

CLSA cuts Sensex target by 1,200 pts

CLSA lowers benchmark index from 18,200 to 17,000 citing earnings cuts for FY12.

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CLSA has lowered its 12-month target for India’s benchmark index to 17,000 from 18,200 citing earnings cuts for FY12 and FY13.

The research house has reduced its earning estimates for Sensex by 1-3 percent over the last month and now forecasts 14 per cent earnings growth in FY12 and 10 percent earnings growth in FY13.

“While there maybe some more earnings downgrade possibilities,we note that we are 4 (per cent) below consensus on FY13 EPS estimates”,said CLSA in a note.

The house maintains its cautious stance on Indian equities and stays overweight on pharma and consumer stocks for now. The brokerage says the slowdown is clearly visible and political logjam will prevent a quick investment upturn.

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