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HDFC Securities has downgraded its rating on Sterlite Industries (India) to market performer with a target of Rs 441 in its October 1, 2008 research report. “At the CMP, the stock is trading at a PE of 7.2x FY09E EPS of Rs 59 and 6.8x FY10E EPS of Rs 63, with limited downside from these price levels. The EV/EBITDA multiple is currently at 3.1x FY09E and 3.3x FY10E EBITDA respectively. Thus, we downgrade the stock to Market Performer with a positive bias of 3% and revise our price target to Rs 441 from Rs 722 earlier, valuing it at 7x FY10E,” says HDFC Securities’ research report.

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