Buy Opto Circuit; target of Rs 429: Networth

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Networth Stock Broking is bullish on Opto Circuit and ahs recommended buy rating on the stock with a target of Rs 429 in its March 19, 2008 report. "Opto Circuit has diversified products in Invasive & Non-Invasive segment. Acquisitions: A growth ladder. The company has received USFDA approval for its new generation range of M30 and M40 models of patient monitors. Pricing strategy to acquire market share. Company’s revenues to grow exponentially and it has strong distribution network through its subsidiaries. Company has received a formal approval from the Central government to set up a SEZ."
"Opto’s Net Sales and Profits are expected to grow at CAGR of 42% and 41% from FY08E to FY10E. At the CMP of Rs 330 the stock trades at 23.6x and 16.9x its FY08E and FY09E Diluted Earnings respectively. We recommend BUY on the stock with one year price target of Rs 429, an appreciation of 30% from the current level."
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