Goldman Sachs upgrades L&T, raises price target to ₹5,000

• Goldman Sachs upgraded Larsen & Toubro (L&T) shares to "buy" from "neutral" on December 12.
• The brokerage raised L&T's price target by 34% to ₹5,000 from ₹3,730, implying a 25% potential upside.
• The upgrade is based on L&T's potential growth in defence, green hydrogen, and nuclear power markets.
• Goldman Sachs is bullish due to L&T's healthy order backlog and increased confidence in domestic capital expenditure recovery.
• The firm forecasts L&T's revenue to grow at a low-double-digit CAGR and profits at a mid-teens CAGR over the next five years.

Why It Matters: L&T's stock upgrade by Goldman Sachs signals potential for significant returns.