ICICI Direct has given Hold recommendation for Amber Enterprises with a target price of Rs. 3050 in its research report issued on May 16, 2022

ICICI Direct’s research report on Amber Enterprises

Amber is a leading solution provider for air conditioner OEM/ODM industry in India. The company has a product portfolio including RACs, RAC components and other non AC components • Derives ~50% of its revenues from RACs and the rest from components and mobility applications.

Outlook

We change our rating on stock from BUY to HOLD. We revise our target price to Rs 3050/share and value Amber at 35x P/E FY24E EPS.

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