Brokerage houses are upbeat on Titan’s view on revenue growth for different segments.
Shares of Titan traded 4 percent higher in morning trade.
Morgan Stanley has maintained its overweight stance on the stock, along with Citi, which has a target price of Rs 1,250 apiece.
On Friday (January 4, 2019), the company said in an exchange filing that it continued the good growth momentum across all its businesses in the seasonally strong third quarter.
Further, it said that the company remains focused on delivering good and broad-based growth across all its brands and channels while enhancing the capabilities and capacity in the company for the long-term growth.
Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 1,250
The global research firm said that management commentary on Q3 underscores the outlook for a strong revenue growth. There could be an upside surprise in jewellery operating margins.
Further, it quoted the management view on revenue growth of 22% in FY19.
It also observed that the watch division could have a strong growth momentum.
In Q3, it expects revenue, operating profit & net profit growth of 31%, 46% & 46%, respectively.
Titan continues to be Morgan Stanley’s top pick. In base case, it forecasts 29% earnings CAGR for FY-21.
Brokerage: Citi | Rating: Buy | Target: Rs 1,020
Citi believes that growth momentum for the company remains healthy and it could be close to delivering 5-year growth guidance of 20 percent.
It forecasts over FY18-21 18% revenue and 19% EPS CAGR. It also expects that market share gain story will continue.
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