Feb 22 Credit Suisse has initiated coverage of biscuit maker Britannia Industries with “outperform” rating and a price target of Rs 5,550. The brokerage expects the company to gain market share gradually to high-30s from 32 per cent at present.
Credit Suisse says the company’s margin should expand from FY19. Britannia “has the ‘right to win' in many food categories outside of biscuits” too, say CS analysts.
Twenty three of 31 brokerages covering the stock rate it "buy” or higher, seven “hold” and one “sell"; their median price target is Rs 5,205. Britannia shares rose as much as 1 per cent to Rs 4,819.75.
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