New Delhi, Sept. 22 -- Shares of recently listed Indo-MIM have delivered a sharp rally since their market debut, but HDFC Securities believes the precision engineering company could have further room for growth.

The brokerage has initiated coverage of Indo-MIM with a Buy rating and a target price of Rs.1,407, valuing the stock at 54 times the estimated earnings per share (EPS) for September 2028. Based on Tuesday's intraday high of Rs.1,188 on the BSE, the target implies an upside of around 18%.

The stock has already gained around 20% in one week, 21% over two weeks and 33% over three months. More notably, it has surged by around 145% from its IPO price of Rs.485 in the relatively short period after listing, highlighting the sharp re-ra...