Goldman ups RIL price target on strong telecom outlook
The brokerage said that its estimated operating income for RIL will be higher by 7 per cent in FY20 and 20 per cent in FY21than the Bloomberg consensus estimates.Goldman Sachs has raised the earnings estimates for Reliance Industries, India’s most valuable company, for the next two fiscal years and subsequently increased the 12-month share price target to Rs 1,850 from Rs 1,635 earlier, primarily driven by expectations of stronger growth in the telecom business. The brokerage said it was upbeat about RIL in view of the higher average revenue per user (ARPU) from potential tariff increases, coupled with continued strong subscriber addition momentum. It maintained a ‘buy’ rating on the shares. “We maintain our positive view on the stock, given the sharp sequential acceleration in refining m ...