Axis Direct is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 535 in its research report dated November 28, 2016.
Axis Direct's research report on Bata India
We believe that key strategic changes like closing unprofitable stores, plans to increase network through franchise route and efforts to increase sales in women and kids segments coupled with a better macro environment would lead to better sales growth and healthy margin improvement. The company will also benefit from GST and demonetization. We lower EPS estimates for FY17/18 by 17%/15% as we factor in demonetization impact. Maintain BUY with revised TP of Rs 535(fwd P/E of 29x) from Rs 625 earlier.
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