J.P Morgan downgrades Suzlon to underweight
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Last Updated: Fri, Feb 17, 2012 13:06 hrs
J.P Morgan downgraded Indian wind turbine maker Suzlon Energy to "underweight" from "neutral" and cut its target price on the stock to 20 rupees from 61 rupees.
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Foreign currency convertible bonds repayment due next fiscal year is an overbearing concern for equity shareholders, J.P Morgan said in a note, adding sources of cash identified by the management to service the repayment "entail significant risk of disappointment."
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The company needs to repay $360 million in June and $209 million in October. At 11.14 a.m. (0544 GMT) the stock was up 2.55 percent at 30.20 rupees in a Mumbai market which was up 1.21 percent.
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