Mahanagar Telephone Nigam Ltd. (MTE)

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Mahanagar Telephone Nigam Limited (NYSE:MTE) – Common stock target price achieved.
October 28th, 2009 Suraj Leave a comment Go to comments

On 27 October 2009, Mahanagar Telephone Nigam Limited’s (MTNL) common stock achieved our target price. The decrease in common stock price primarily reflects weak fundamentals. Although the current stock price does not support a SELL rating, we reiterate our SELL rating for the common stock considering the company’s continuous dismal performance in gaining lucrative 3G subscriber-base. We will reassess our target price and rating in our next update report, once the company releases its 2Q 10 results. We reiterate our ADR rating a BUY as we continue to expect a positive currency impact on the ADR over the medium term. We will reassess our target price and rating in our next update report.

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