Nomura Financial Advisory and Securities has reiterated 'Buy' on Voltas with revised target price of Rs 260 from Rs 229 as against current market price (CMP) of Rs 221 with 17.5% potential upside in its report.

Commenting on the investment rationale, Nomura said, ''1Q FY15 results were significantly ahead of consensus expectations, once again led by the strong performance of its room AC segment (UCP).

Our TP has increased to Rs 260 from Rs 229 largely due to roll forward. We now value the stock on Sep-16F EPS of Rs 14.4. Our target multiple remains unchanged at 18.0x. With 18% potential upside to our TP, we reaffirm our Buy rating.''

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