Brokerages cut target prices of 123 BSE stocks, downward forecasts continue

Brokerages have cut the target prices of 123 stocks from the BSE 200 universe in the last three months.
 
Most analysts are revising their forecasts downwards, following the disappointing June quarter results amid a downturn in the economy.
 
The average reduction in 12-month price target for the BSE200 universe is 5 per cent. However, many companies have seen more than 20 per cent cut in their price targets.
 
A price target is the projected future price level of a stock arrived by an analysts based on earnings and margin forecasts.
 
The firms, whose share prices have