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Last Updated : Jan 08, 2019 12:47 PM IST | Source: Moneycontrol.com

Buy Titan Company; target of Rs 1065: ICICI Direct

ICICI Direct is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 1065 in its research report dated January 07, 2019.

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ICICI Direct's research report on Titan Company


In its quarterly preview of Q3FY19, the management of Titan highlighted that healthy revenue growth was witnessed across all its divisions, signalling robust customer demand in the festive season of Diwali-Dussehra. The jewellery division continued to gain market share driven by rapid store expansion and strong same store sales growth (SSSG). The management now expects the jewellery division to exit FY19 with revenue growth of 22% (vs. earlier guidance of ~20%). The watches division continued on its healthy trajectory driven by launch of new collections (especially in the smart watch category).


Outlook


We reiterate our BUY rating on the stock with a revised target price of Rs 1065 (42.0x FY21E EPS).


For all recommendations report, click here


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First Published on Jan 8, 2019 12:47 pm
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