Goldman Sachs Pegs 12-Month NIFTY Target At 9000

Even though MSCI India’s 2016 consensus earnings got trimmed by another 1% last week, analysts at Goldman Sachs remained OW on India, pegging their NIFTY 12-month target at 9000. Sunil Koul and team note in their Feb. 5 “India Weekly Kickstart” report that past history points to NIFTY trending to trade soft heading into the Union budget announcement. India’s 3Q earnings: more misses than beats Tracking 3Q FY16 earnings, Koul and colleagues point out that about 70% of the MSCI India cap has reported with more misses than beats so far. They note that 53% of stocks missed estimate, while 28% beat:…