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Shares of Jubilant Foodworks hit over 28-month high. The stock jumped as much as 2.6 per cent to Rs 1,886.95 in the morning trade. The stock hit its highest level since August 12, 2015.
Brokerage Jefferies had on Thursday initiated coverage on the stock with “buy” rating and a price target of Rs 2,200. “We are enthused by JFL's margin story helped by improving store vintage, cost-saving initiatives and dip in Dunkin's losses,” Jefferies' analysts wrote.
The brokerage said that possible double-digit same store sales growth could be an additional earnings driver given the high operating leverage. About 17 of the 31 analysts covering the stock have a "buy” rating, six have “hold” while eight rate it at “sell"; their median price target is Rs 1,774.50, according to Thomson Reuters data.
Jubilant Foodworks shares have more than doubled in value in the last 12 months up to Thursday's close.
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