Axis Direct is bullish on ITC has recommended buy rating on the stock with a target price of Rs 295 in its research report dated February 07, 2017.
Axis Direct's research report on ITC
With 7% price hike, we expect 2.5% volume growth and 15% cigarette EBIT and EPS growth in FY18. Mid-teens EPS growth after two years of single-digit EPS growth (EPS CAGR of 4% over FY15-17) coupled with second consecutive year of volume growth keeps us positive despite ~40% stock price appreciation since the last budget. Maintain BUY with revised TP of Rs 295 based on forward P/E of 26x (vs. Rs 280 earlier).
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