UBS puts a BUY recommendation on Unitech

UBS has initiated coverage on Unitech Limited with a BUY2 rating. UBS analysts are little bit over-optimistic about the land bank saga without realizing the shady deals of the operators in Unitech counter.

UBS report is expecting income of Rs 2,703, Rs 6,382 and Rs 11,309(in crores) and EPS of Rs8.43, Rs 22.95 and Rs43.00 for the financial years 2007, 2008 and 2009. 100% YoY growth for the next 2 years. Sounds bit over optimistic projections.

UBS has set a price target of Rs444 with a Buy 2 rating. You can read the report and make your investment decision[PDF] yourself.