Astra Microwave Products Lim.. - ASTRAMICRO has carved a niche for itself in the sunrise sector of defence manufacturing. Still, the stock was range-bound for the past couple of years as order backlog (and inflows) declined sharply over FY13-15. A structural shift is now playing out supported by robust order prospects, in turn driven by GoI’s thrust to kickstart the much-delayed defence procurement cycle. HDFC Securities initiate coverage with a BUY, TP of Rs 154 is based on 17x FY18E EPS.Trendlyne has 1 report on ASTRAMICRO updated in the last year from 1 broker with an average target of Rs 154.