We expect earnings to grow at a healthy 25.9% CAGR over FY20-22, supported by launch of new models, improved product mix and continued focus on innovation. We upgrade our rating to ACCUMULATE on the stock, with our target price of Rs. 1,480 based on 35x FY22E EPS. Topline grows with new products Symphony reported revenue of Rs. 290cr in Q3FY20, a rise of 20.8% YoY, primarily driven by launch of new models (6 commercial coolers, 2 industrial coolers, and 8 household coolers), and improved product mix. Domestic revenue rose 27.1% YoY...