Several Adani Group stocks have given investors multibagger returns in the past. With the group’s rapidly growing business, many of its stocks are expected to continue delivering such returns. One of these stocks is Adani Energy Solutions, which a brokerage firm has recommended buying.
Cantor’s Target for the Stock
Brokerage firm Cantor has started covering this Adani Energy stock. They have given it an “overweight” rating and recommended buying it. Cantor has also set a target price of ₹2,251 for this stock. This means Cantor believes the price of Adani Energy Solutions stock could rise to ₹2,251 in the coming days.
How High Could This Stock Go?
Currently, Adani Energy Solutions’ stock is trading around ₹1,000. On Friday, it saw a rise of 2.96%, trading at ₹1,008. If Cantor’s prediction is accurate, the stock could climb about 125% from its current level. In simple terms, this means the stock could more than double investors’ money, offering them multibagger returns.
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Performance So Far This Year
The performance of Adani Energy Solutions stock this year hasn’t been very impressive. Over the past month, the stock has fallen by 7.40%. Over six months, its price has remained mostly stable. Since the beginning of the year, the stock is down by around 4.5%. It is currently about 25% lower than its 52-week high of ₹1,348.
How Long Will It Take to Reach the Target?
Cantor’s rating is for the long term. The brokerage firm believes the stock could reach its target of 125% growth by the 2025-26 financial year. Currently, the market capitalization of Adani Energy Solutions stands at ₹1.21 lakh crore.
