Prabhudas Lilladher is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 1195 in its research report dated February 01, 2019.
Prabhudas Lilladher's research report on Titan Company
We maintain positive stance on Titan post 3Q results given 1) the guidance of 22% jewellery sales growth and opening of 40 Tanishq stores in FY19 2) expected gains from backward integration and proactive strategy in Eyewear and 3) success of new collections in watches. QTD sales in 4Q grew by ~18% and is expected to grow faster on higher number of wedding dates in 4QFY19 and 1QFY20.
We estimate 25.9% PAT CAGR over FY18-FY21. We value the stock at 45xDec20 EPS and arrive at a target price of Rs1195. Retain Buy.
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