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Avenue Supermarts stock hit a record high. The shares rose as much as 4.3 per cent to Rs 1,294 as Goldman Sachs has raised the price target on the stock to Rs 1,672 from Rs 1,611 with 'buy' rating, citing higher store growth and lease mix.
Goldman Sachs expects the company to open 24, 28 and 30 stores in FY 2019, 2020 and 2021 respectively, after CEO's comments in a recent interview.
It has also cut FY 19-21 (average) same store sales growth assumption to 11.6 per cent from 12.3 per cent previously as higher number of stores could “lead to some cannibalisation".
Two of five brokerages have rated the stock “buy” or higher, one “hold” and seven “sell” or lower; their median price target is Rs 1,003. Up to Thursday's close, the stock had more than doubled since its IPO debut in March 2017.
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