Stocks

Titan shares up 3%; Morgan Stanley hikes price target

Sept 26 | Updated on September 26, 2018 Published on September 26, 2018

Shares of Titan Company Ltd rose as much as 2.9 per cent to Rs 820.

Shares of Titan Company Ltd rose as much as 2.9 per cent to Rs 820 as Morgan Stanley has raised the price target to Rs 1,250 from Rs 1,120. It has retained the ‘overweight’ rating.

Titan is Morgan Stanley's top consumer pick as risk-reward is firmly skewed to the upside, given the company’s improved business positioning versus unorganised players, say Morgan Stanley analysts.

They expect policy measures that discourage cash transactions to eventually benefit the large organised jewellery players, with Titan gaining market share in jewellery segment. Q3 growth may be even stronger, thanks to a shift in the festive season, driving consensus estimates and stock valuations higher, the brokerage says.

About 22 of 31 brokerages rated the stock “buy” or higher, seven “hold” and two “strong sell”; their median price target is Rs 1,045, according to Thomson Reuters Eikon.

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Published on September 26, 2018
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