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Comment: ULJK Securities has recommended a buy rating on Larsen and Toubro (L&T) with a target of Rs 1270 in its October 13, 2008 research report. "We measure the L&T standalone using the price earnings multiple methodology. On standalone basis we understand the company will grow its revenue at a CAGR of 30% by FY 2010E. The net profit of the company will grow to Rs 35,247 million in FY 2010E registering an EPS of Rs 60.23 for the year. The target price of Rs 1,270 per share encompasses a subsidiary valuation of Rs 186 per share. Further more, demerger of L&T Finance, L&T IDPL and L&T IT will unlock the value from the consolidated L&T, We assign buy rating to L&T," says ULJK Securities' research report.