Goldman Sachs sees over 35% rally in HPCL share price; raises price target by 12%, adds to conviction list

Hindustan Petroleum Corporation Ltd (HPCL) shares were trading firm in otherwise weak trade on Friday. HPCL share price has rallied 53.54 per cent From the March lows of Rs 155 apiece. Analysts at Goldman Sachs see over 35 per cent rally in the share price, and have added it to the buy conviction list. The research firm has raised its 12-month target price by 12 per cent to Rs 320 apiece, which is the highest in its Asia refining coverage. Goldman Sachs predicts FY22 free cash flow (FCF) yield of 6 per cent and FY23 FCF of 12 per cent. It hopes of normalization of refining margins, healthy fuel retail margins, and capex completion.