Nomura predicts 18% downside in Godrej Properties, sees Phoenix Mills falling 11% on lofty valuations
Nomura has initiated coverage on real estate majors Godrej Properties and Phoenix Mills with ‘reduce’ ratings, projecting a downside of 18% and 11% respectively. The brokerage flagged execution risks, weakening growth momentum, and valuation multiples that it believes are no longer justified by underlying fundamentals. The brokerage sees a “moderating growth outlook” for Godrej Properties … Read more