Macquarie on L&T
* Maintain outperform, 12-month target price at '1469
* Positive surprise on order inflow front, mgmt's revenue guidance to help bounce back
* Strong growth from Middle East revenues is positive, but risks remain on low crude price
* Q4 results with pick up in domestic revenue remains key catalyst for upside
Credit Suisse on L&T
* Maintain Outperform, Target cut to `1425 from `1475
* Overall results weaker than anticipated, order inflows positive surprise
* Order inflows positive surprise on back of strong domestic order book
* Cut in order inflow guidance already priced in
* Retain revenue guidance, implies pick up to be seen in 4Q
* Margins weakened in large projects pending threshold level of execution
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