Outlook & Valuation: We believe that AAL is comfortably placed to tap the
upcoming opportunity in the industry owing to improving road infra, BS-VI prebuying
and foray into new segment coupled with expansion of capacity by 35-
40%. However, medium term scenario looks tough, but long term prospects
seem positive. At the CMP of `1,192, the stock is available at 15X its FY2021E
EPS of `78. We assign a multiple of 17.5X and recommend HOLD on AAL with
a Target Price of `1,400, implying an upside of 18% over the next 9-12

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