JP Morgan sees RIL at Rs 3170 in a year; upgrades stock to overweight

JP Morgan has upgraded its stance on Reliance Industries Limited (RIL) to overweight from neutral and sees the stock at Rs 3,170 levels in a year – up 21 per cent from the current levels. RIL, according to the brokerage, is among the few large companies in India with a positive earnings revision cycle ahead, given the strong refining and gas environment.

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"Our upgrade to overweight is driven by: a) global view of a strong refining environment though we build in a decline in product cracks from current levels; and, b) RIL's non-Energy business valuations continuing to hold up. The key risks include: a) fall