Economic Times•Today at 04:16
Kaynes Technology shares plunge 19%. Why JPMorgan, Nuvama downgraded the EMS stock
com Kaynes Technology shares plunged after the company’s Q4 results disappointed investors on multiple fronts. JPMorgan downgraded the stock to Neutral from Overweight and slashed its target price to Rs 4,000, while Nuvama downgraded to Hold and cut its target price to Rs 3,550 from Rs 5,500, a reduction of nearly 36%. Kaynes posted Q4 revenue of Rs 1,243 crore, a 26% year-on-year increase but the company had guided for Rs 1,700 crore, making the miss a staggering 27% below its own target.
