shares have been in uptrend for the last one year. This has delivered to the tune of 525 per cent in last one year. However, it seems that the defence company, which once offered designing services to Indian Space and Research Organisation (ISRO) is still in demand among Indian stock market investors. today opened upside at 140 per share levels on NSE and went on to hit a new life-time high of 146.70 per share levels. While touching the new record high, the defence stock went on to lock-in its 10 per cent upper circuit during early morning deals on Thursday. But, Choice Broking still sees sharp upside in this multibagger defence stock. As per the latest Choice Broking report released on Thursday, Apollo Micro Systems shares may go up to 163 apiece levels. Apollo Micro Systems share price targetOn fundamentals that may fuel this multibagger stock price rally, Choice Broking report said, “We are confident about the growth story of the Apollo Micro Systems, due to its position (involvement in various strategic missiles from MoD and BDL) and faces very less competition. We have a positive outlook on AMSL, supported by, 1) Sole supplier of underwater mines, 2) Favourable Government policies on self reliance on defence sector, 3) Rising defence spending across all segment (Naval, Army, Air Force), 4) Massive upcoming big ticket projects, 5) The company’s healthy order pipeline, would support the the growth story of the company." Apollo Micro Systems Giving 'outperform' rating to this multibagger stock, Choice Broking said, "We expect AMS Revenue /EBIDTA/PAT to grow at 41/44/74% over FY23-26. We value the stock based on 50x of FY26E EPS (with PEG ratio 0.7x during same period) to arrive at the TP of 163 with “OUTPERFORM" rating." Choice Broking has remained bullish on this multibagger defence stock when this multibagger stock was oscillating around 75 apiece levels. At the end of October 2023, Choice Broking had given 'buy' tag to Apollo Micro Systems shares. The brokerage had predicted that multibagger defence stock may hit triple digit figure and touch 103 levels. Now, once the defence stock has touched the given target within a month, Choice Broking has upgraded its target to 163 apiece levels. Livemint tops charts as the fastest growing news website in the world to know more.