India Infoline has recommended a buy rating on ITC with a one-year target price of Rs 214 in its July 31, 2008 research report. "Net profit for the quarter declined by 4.4% yoy to Rs 7.5 billion (below our expectations) due to lower treasury income and sharp rise in operating costs. Increased losses from the FMCG-others segment also put pressure on bottomline. We expect the company to witness a 13.6% CAGR in net profit over FY08-10E."

"At the current market price of Rs 188, the stock is trading at 17.6x FY10E EPS of Rs 10.7 per share. We recommend BUY with a one-year price target of Rs 214, an upside of 13.5%," says India Infoline's research report.

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