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JPMorgan raises ONGC's target price to Rs 235; here’s why

Updated : January 11, 2022 11:20:41 IST

JPMorgan has raised the Oil and Natural Gas Corporation (ONGC) target price to Rs 235 versus its earlier target of Rs 212. The firm has an overweight stance on the stock.

JPMorgan has increased the brent assumption for FY23-FY24 to $70 per barrel and that will lead to an EPS upgrade of 13-15 percent for ONGC.

Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.

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