Shares of Titan Company rallied 2 percent intraday on June 19 after global brokerage UBS raised price target on the stock by 28 percent.
"Company's aggressive growth strategy & flawless execution keep us bullish on the stock," the research firm reasoned.
UBS raised price target to Rs 1,600 from Rs 1,250 per share earlier, implying 28 percent potential upside from current levels.
"The upside fair value for the stock is Rs 1,800 per share while downside fair value is Rs 900," it said.
Titan Company had reported robust top-line growth across segments in the March quarter. Profit grew by 13 percent year-on-year to Rs 348.3 crore and total operating income rose 19 percent to Rs 4,888.8 crore in Q4FY18.
The stock has seen 55 percent upside in the last nine months. At 09:35 hours, it was quoting at Rs 1,274.75, up Rs 16.65, or 1.32 percent on the BSE.
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