Thermax up 19% in 4-day rally; with PE at 60x, stock is expensive, say analysts

Thermax target price: HDFC Institutional Equities has a target price of Rs 4,686 on Thermax. Antique Stock Broking finds it worth Rs 4,459; ICICI Securities suggested a price target of Rs 4,406; Motilal Oswal's target stands at Rs 4,180.
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